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BBB4M Unit 1 Review Question s and Answers
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BBB4M Unit 1 Review Question s and Answers
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BBB4M Unit 1 Review Question s andAnswers
capital goods - Answer-Products used by businesses
currency revaluation - Answer-Increase in value of a currency because the demand for
that particular currency is greater than the supply
currency devaluation - Answer-Decrease in value of currency because the supply is
more than the demand
currency speculation - Answer-Buying, trading or selling foreign currency in anticipation
of its value changing in order to profit from fluctuations in the price of currency
domestic market - Answer-customers of a business who live in the country where the
business operates
exchange rate - Answer-amount of one country's currency in relation to the currency of
another country
floating rate - Answer-an exchange rate that is not fixed in relation to other currencies
foreign subsidiary - Answer-often referred to as a wholly owned subsidiary, a branch of
a company that is run as an independent entity in a country outside of the one in which
the parent company is located
globalization - Answer-process whereby national or regional economies and cultures
have become integrated through new global communication technologies, foreign direct
investment, international trade, migration, new forms of transportation, and flow of
money
hard currency - Answer-stable currencies, such as the euro and the U.S. and Canadian
dollars which are easily converted to other currencies on the World Exchange Market
interdependence - Answer-reliance of two or more nations on eachother for products or
services
international business - Answer-the economic system of transactions conducted
between businesses located in different countries
licensing agreements - Answer-agreement that grants permission to a company to use
a product, service, brand name or patent in exchange for a fee or royalty (usually
applicable only in a specific region)
, primary industry - Answer-sector of economy characterized by the extraction and initial
processing of all raw materials
5 major primary industries - Answer-1. Agriculture
2. Fishing, hunting, and trapping
3. forestry and logging
4. Energy
5. Mining
6. water (only added in Canada)
protectionism - Answer-theory of practice of shielding domestic industries from foreign
competition, often through trade barriers such as tariffs
secondary industry - Answer-industries that create a finished, usable product through
primary manufacturing (processing) and secondary manufacturing (produces both
capital and consumer goods)
soft currency - Answer-currency belonging to a country with an economy that is small,
weak, or that fluctuates often and is difficult to convert into other currencies such as the
russian ruble or chinese yuan
tertiary industries - Answer-provide necessary services to consumer and other
businesses (banking, construction, communication, transportation, retail sales)
trade quota - Answer-government imposed limit on the amount of product that can be
imported in a certain period of time
trade tariff - Answer-taxes or duties put on imported products or services. raises the
costs of imports so that locally manufactured products are less expensive and more
appealing
transactions - Answer-exchange of things of value
value added - Answer-amount of worth that is added to a product at each stage of
processing, it is the difference between the cost of raw materials and the finished goods
How are businesses classified as international? (5 ways) - Answer-1. Own
retail/distribution outlet in another country
2. Own manufacturing plant in another country
3. Export product to business in another country
4. Import from business in another country
5. Invest in business in another country
Positive effects of international business for Canadians (4 ways) - Answer-1. Variety of
products
2. New markets, more jobs
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