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BBB4M Exam Questions with Correct Answers
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BBB4M Exam Questions with Correct Answers
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BBB4M Exam Questions with CorrectAnswers
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 of a business who live in the country where
business operates
foreign market - Answer-Customers of a business who live in a different country than
the one where the business operates
5 ways to be considered an international business - Answer-1. Own a retail or
distribution outlet in another country
2. Own a manufacturing plant another country
3. Export to businesses in another country
4. Import from businesses in another country
5. Invest in businesses in another country
History of Canadian trade - Answer-1. Explores from France and England landed in
Canada in the 1600s
2. Traded with first Nations (Ojibwa & Cree) for fur and food, then sent goods back to
Europe
3. Success of international business lead to establishment of colonies and outposts in
Canada
History of European Trade - Answer-1. Trade grew quickly after permanent settlements
were established in canada in the 1700s
2. Demand for raw materials (beaver pelts, fish, lumber) grew
3. England defeated France in Seven Years' War, leading to Canada's realiance on
England for finished goods
History of United States Trade - Answer-1. Declared independence from Britain in late
1700s
2. Needed to become self-reliant
3. Invention of steam engine, cotton gin helped growth of American industry
, 4. Canada supplied raw materials needed in the US
5. US became Canada's largest trading partner - (Remains today)
Globalization - Answer-Process whereby national or regional economies and cultures
have become integrated through new:
-New global communication technologies
-Foreign direct investment
-International trade
-Migration
-New forms of transportation
-Flow of Money
History of Globalization - Answer--Began after WWII with establishment of the untied
nations and fostering of trade relations befween countries
-Economic ties between countries strengthened
-New technology allows international business to occur in real time, transforming the
globe into the market
-Has increased interdependence of all nations
Interdependence - Answer-The realiance of two or more nations on each other for
products or services
3 main areas of interdependence - Answer-1. Primary industries
2. Secondary industries
3. Tertiary industries
Primary Industries - Answer-Sector of the economy characterized by the extraction of
natural resources from the earth or sea
Five major primary industries - Answer-1. Agriculture
2. Fishing, hunting, and trapping
3. Forestry and logging
4. Energy
5. Mining
Secondary industries - Answer-Industries that create a finished, usable product.
Secondary manufacturing produces capital goods (products used by businesses such
as machinery, trucks, and heavy equipment)
Tertiary Industries/Service sectors - Answer-Industries that do not make a product or
extract resources from the earth, but provide necessary services to consumers and
other businesses
International business helping Canadians - Answer-
International business hurting Canadians - Answer-
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