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Created and used to study for the final exam with Mr. Brian Hayden in Virtual high school (VHS)
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VHS BBB4M exam flashcards1. Why do countries 7 reasons countries trade are domestic needs,
trade? abundant natural resources for export, job creation,
competition, improved standard for living, political
influence and secure foreign exchange.
2. What are types of trade Types of trade restrictions are tariffs, quotas, subsi-
restrictions? dies, embargoes, licensing requirements and stan-
dards.
3. What is tariff? A tariff is a tax put on goods imported from abroad.
4. What is quota? These are limits on the amount of goods that can
be imported. This can create a shortage, which
causes the price of the good to rise.
5. What is an embargo? Embargo stops the exports or imports of a product
or group of products to or from another country.
6. What is a subsidy? Subsidy is a government provides a domestic in-
dustry with capital to help that company produce
its product or service.
7. What is harmonized Harmonized standards can be either an attempt by
standard? a country to make its standard compatible with an
international, regional or other standard or it can
be an agreement by two or more nations on the
content and application of a standard, the latter of
which tends to be mandatory.
8. Which countries use eu- 17 countries are known as eurozone. Austria,
ros? Belgium, Cyprus, Estonia, Finland, France, Ger-
many, Greece, Ireland, Italy, Luxembourg, Malta,
the Netherlands, Portugal, Slovakia, Slovenia, and
Spain use euros.
9. What is an interest rate? A fee is paid by a borrower for the use of the money
that they borrow
10. What is the prime inter- Prime interest rate is the interest used by banks.
est rate?
, VHS BBB4M exam flashcards
11. What problems come The problems are recession, political unrest, and
with currency devalua- massive unemployment.
tion?
12. What is a strategic al- A strategic alliance is a formal relationship between
laince? two or more parties to pursue a set of agreed upon
goals or to meet a critical business need while
remaining independent organizations.
13. What is a wholly owned When a subsidiary is considered to be wholly
subsidiary? owned, this indicates that all of the outstanding
common stock that is currently issued by the com-
pany is in the hands of a single holding company.
14. What is low cost coun- A company gets materials from countries with low
try sourcing? labor and production costs to cut expenses.
15. What is outsourcing? A decision by a corporation to turn over the produc-
tion of parts to independent suppliers.
16. What is comparative ad- Comparative advantage, or cost advantage, is a
vantage? firm's ability to produce a good or service at a lower
cost than its competitors can
17. Who supported free People who supported are most of Canada's large
trade? and small businesses, the Canadian Chamber
of Commerce, financial institutions, most of the
provincial premiers, the Royal Commission on
Economic Union and Development Prospects for
Canada and the Canadian Consumers Associa-
tion.
18. Who were against free People who were against free trade are na-
trade? tionalists, pensioners, unions, churches, woman's
groups and many ordinary citizens.
19. Who are Canada's trad- Canada's benefits from many trading partners such
ing partners? as United States, Japan, Russia, Spain, UK, Eu-
rope, Brazil, and Mexico.
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