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BBB4M1 (International Business) Unit 1 Questions with Correct Answers
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BBB4M1 (International Business) Unit 1 Questions with Correct Answers
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BBB4M1 (International Business) Unit 1Questions with Correct Answers
Business - Answer-The manufacturing and/or sale of goods and/or services to satisfy
the wants and needs of consumers to make a profit
Transaction - Answer-An exchange of things of value
Domestic Business - Answer-A business that sells its products only in its own country.
A domestic business in Canada is... (3 marks) - Answer-1. Owned by Canadians
2. Relies on Canadian products and services
3. Sells products and services to Canadians
International Business - Answer-The economic system of transactions conducted
between businesses located in different countries.
Difference between domestic and international transactions - Answer-Domestic
transactions are made between two Canadian companies, while international
transactions involve a Canadian company and a non-Canadian company
Domestic Market - Answer-The customers of a business who live in the country where
the business operates.
Foreign Market - Answer-The customers of a business who live in a different country
than the one where the business operates.
Five ways for a business to be considered an international business: - Answer-1. Own a
retail/distribution outlet in another country
2. Own a manufacturing plant in another country
3. Export to businesses in another country
4. Import from businesses in another country
5. Invest in businesses in another country
Trading Partner - Answer-When a business in Canada develops a relationship with a
business in another country, that country becomes a trading partner with Canada.
T or F: International trade takes place between businesses, not countries. - Answer-
True
When did Canada begin trading with Japan? - Answer-After WWII
Where does Mexico stand on Canada's list of trading partners? - Answer-One of
Canada's top 5 trading partners since 2000
, Where does the US stand on Canada's list of trading partners? - Answer-#1
What has India become a major centre of? - Answer-Outsourcing and manufacturing
What has limited trade in the Middle East? - Answer-Political instability and lack of
industrialization
Interdependence - Answer-The reliance of two or more nations on each other for
products and services
Three main areas of interdependence - Answer-1. Primary industries
2. Secondary industries
3. Tertiary industries
Primary Industries - Answer-Classified as those which produce raw materials for indusry
Five major primary industries - Answer-1. Farming and agriculture
2. Fishing, hunting and trapping
3. Forestry and logging
4. Energy
5. Mining and quarrying
Secondary industries - Answer-Industries that create a finished, usable product
Secondary manufacturing produces ___ goods (products purchased by businesses)
and _____goods (products purchased by individuals) - Answer-capital, consumer
Examples of secondary industries - Answer-- steel manufacturing
- bread making
- food processes
Branch Plant - Answer-A factory owned by a company based in another country
What kind of economy does Canada have? - Answer-A branch-plant economy based on
businesses owned by foreign interests
Tertiary industries (service sector) - Answer-Industries that do not make a product or
extract resources from the Earth, but provide necessary services to consumers and
other businesses
Examples of tertiary industries - Answer-banking, construction, retail sales
How does international business help Canadians? - Answer-- variety of products
- new markets, more jobs
- foreign investments
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