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BBB4M - Niteo - Unit 1 Business, Trade & The Economy Convertibility - Answer- individuals, companies and governments can all buy and sell from one another and engage in many other economic activities. Tariff - Answer- a tax put on goods imported from abroad. Quotas - Answer- limits on the amount of goods that can be imported. Embargo - Answer- tops the exports or imports of a product or group of products to or from another country. OPEC - Answer- Organization of Petroleum Exportin...

BBB4M - UNIT 1: History of Canadian Trade, Interdependence, and Trade Barriers Interdependence - Answer- When countries work together to fulfill each others wants and needs Gross Domestic Product - Answer- Monetary value of ALL finished goods and services that a country produces in a specific time [year] GDP per Capita - Answer- divide GDP by a country's total population. Per person contribution Ontario's strengths - Answer- - huge international demand for machinery - largest...

BBB4M - Chapter 1 Business (aka Trade) - Answer- manufacture/sell goods/services to satisfy consumer wants & needs to make profit. Transaction - Answer- Exchange of something of value - domestic & int'l - type of transaction depends on companies involved, not product. ex) CDN selling chinese made equip to another CDN business = domestic Domestic Business - Answer- -makes most transactions inside country (local & national) - ex) a business in, owned by, relies on products/servi...

BBB4M EXAM Business - Answer- Manufacturing and/or sale of goods and/or services to satisfy the wants and needs of consumers to make a profit Transactions - Answer- An exchange of things of Value Domestic business - Answer- Business that makes most of its transactions within the borders of the country in which it is based International Business - Answer- Economic system of transactions conducted between business located in different countries domestic market - Answer- Customers ...

Unit 4 BBB4M Market research - Answer- finds or collects date to help solve marketing problems Secondary Data - Answer- is collected by someone other than the user, for example: censuses an surveys Primary Data - Answer- is observed or collected by a business and relates specifically to its needs or problems Price - Answer- The price of a product takes into account the amount of labour, the cost of materials, and overhead (such as electricity) Logistics - Answer- consists of the f...

BBB4M Asia-Pacific Economic Co-operation (APEC) - Answer- A trade organization, created in 1989, that unites twenty-one of the countries surrounding the Pacific Ocean to co-operate on regional trade. APEC is not established by treaties, but is based on consensus, and commitments are voluntary. Autocracy - Answer- A state governed by a single individual or a small group of people with unlimited power. Bill of lading - Answer- The official document that indicates that a transportation com...

BBB4M - Unit 1 Trends in International Trade - Answer- 1. Rapid increase/expansion of technology 2. Liberalization of government policies 3. Development of institutions to support international trade 4. Increased global competition Trade Barriers - Answer- Import taxes, Quotas, & Laws Trade Barriers definition - Answer- Some factors that have resulted in a reduction of free trade among countries, referred to as trade barriers. Import taxes - Answer- increase cost of foreign produ...

BBB4M Business - Answer- The manufacturing and/or sales of goods and/or services to satisfy the wants and needs of consumers to make a profit. Transactions - Answer- The exchange of things of value. Domestic Business - Answer- A business that makes most of its transactions within the borders of the country in which it is based. Is owned by Canadians, relies primarily on products it makes or services it provides to people who live in Canada. International Business - Answer- The econom...

BBB4M Ch 1 & 2 How do you know A business in Canada is domestic? - Answer- 1. Owned by Canadians 2. Relies on Canadian products and services 3. Sells products and services to Canadians What are five ways of business is considered an international business? - Answer- 1. Own a retail or 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 business in an...

BBB4M EXAM purpose of subsidies - Answer- To prevent job loss To prevent loss of international trade To prevent loss of technology advances To keep the economy going Exporting Challenges - Answer- Increased Costs Level of commitment (long haul) Language and culture differences Apparently work/laws Completion Accessibility (always being there) Benefits of Exporting - Answer- Increased sales Higher Profits Economies of Scale (most of your resources) Reduce vulnerability ...