Chapter 1 International Business Test Review

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- International Business Flashcards on Chapter 1 International Business Test Review, created by Jonathan Bugeya Miller on 03/21/2017.
Jonathan Bugeya Miller
Flashcards by Jonathan Bugeya Miller, updated more than 1 year ago
Jonathan Bugeya Miller
Created by Jonathan Bugeya Miller over 7 years ago
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Resource summary

Question Answer
What are the four primary resources? -Agriculture -Fishing & Trapping -Forestry & Logging -Energy & Mining
What are some examples of Agriculture? Livestock Poultry Animal products
What are some examples of Fishing and trapping? Fish Wildlife pelts Ranch-raised pets
What are some examples of Forestry and Logging? Lumber Firewood Pulpwood
What are some examples of Energy and Mining? Non-metals Structural materials Fossil fuels Hydro-electric power
What is a primary industry? Where a business takes raw materials and slightly modifies them then they sell it.
What is a manufacturing industry? Where a business takes a raw material and manufactures it into something processed.
What is a service industry? A business that doesn't sell tangible items but instead will a provide an activity in which the costumer cannot do. -Like Air Transporting, Doctors, etc.
Why is international trade important? The country sells something they don't need and make a profit from it. Also, a country buys something they do need.
What are the 5 positives about trade? -Meets our needs -Creates jobs -More investments -New tech and materials -Offers a wider choice of products and services
Fact to memorize! Every $1 Billion in exports means 6000 jobs for Canadians.
What are the 5 negatives about trade? -Support of Non-democratic systems -Cultural Identity Issues -Social Welfare Issues -Environmental Issues -Political Issues
What is a tariff? A tax imposed by the local government on goods or services coming into a country (imports).
What is a great example of a tariff reduction? (Hint: Relates to Canada, US, and Mexico) NAFTA (North American Free Trade Act)
What is the currency exchange rate? A rate given by one country for another country's currency.
What is the Investment Canada Act (ICA)? A federal act that reviews significant investments of $5 Million or greater. Businesses must comply with the act.
When does the Canadian government need to intervene a trade investment? (3 answer examples, 1 with 3 extra points) -Not a World Trade Organization (WTO) member and is apart of an investment worth $5 Million or more. -Is WTO member but business is $223 Million. -WTO member's investment is over $5 Million &: -includes uranium -financial services -transportation service
What does Canada's economy mainly depend on? Natural Resources
Why does Canada use trade sanctions? To influence the policies or actions of other nations.
What are 3 examples of what trade sanctions can do? -Placing limitations on official and diplomatic contacts and travel. -Seizing or freezing assets in Canada that belong to offending nation's government. -Legally restrict trade between Canada and its targeting state.
What laws of Canada are used to impose trade sanctions? -Special Economic Measures Act (SEMA) -Export and Import Permits act (EIPA) United Nations Act (UNA) (UN has the ability to veto the decision)
What 3 regulations does the Export and Import Permits Act have? Also explain what they do. -Area control list restricts area of trade (like North Korea) -Export Control List Restricts things that can be exported -Import Control List Restricts things that can be imported
How do immigrants benefit the Canadian Economy? -Skills and financial investments -Become consumers -Increase population -Create demand for imports -Make Canada more culturally diverse
What is a refugee? A person who has fled their country to escape persecution or war.
What is the Torricelli Act? An act that requires all American firms to prevent any of their subsidiaries (or branch) from trading with Cuba.
What are the 2 acts called that were placed to make Cuba not happy? -The Torricelli Act -Helms-Burton Act
What is the Helms-Burton Act? An act that permits American citizens to sue any foreign business that benefits property expropriated, or nationalized, by Cuba.
Define self-sufficiency. The ability to provide for all of your basic needs, such as food, clothing, shelter, and water, without relying on anyone else.
Define Business. The manufacturing and/or sale of goods and/or services to satisfy the wants and needs of consumers to make profit.
What are the five main ways for a business to be considered an international business? -Own a retail in another country. -Own a manufacturing plant in another country. -Export to a business in another country. -Import from another business in another country. -Invest in a business in another country.
Who were the 3 people that initiated Canadian trade and settlements? -John Cabot -Jacques Cartier -Samuel Champlain
What was John Cabot's goal when crossing the ocean? Also, what does he discover? To find a new trade route to Asia. He discovers Cod and returns with a lot of 'em.
What was Jacques Cartier's goal when crossing the ocean? Also, what happens in the end? Mission was to find gold and other riches. Kills chief Donnacona and returns to France with fool's gold and quartz.
What was Samuel Champlain's mission when crossing the ocean? To create a settlement North of Florida for France.
What was the most important trade fur that Champlain sold? (The king declared to to be the new trend) Beaver pelts!!!!!
Describe the image in your own words. (Flip the card to see image)
What are the 5 parts of the Materials Economy?
What did the Brits do in Jamaica way back when? Brought over African slaves to farm Sugar Cane. Made a mass profit and sold a lot of sugar to the UK.
What was the whole issue with Nexen and Canada? Nexen, a Canadian company, was going to be acquired by a Chinese business for $15.1 Billion. This was an issue because Canadian companies have a really hard time growing in China. Another issue is that China has industrial espionage going on inside Canada.
How did Stephen Harper solve the Nexen Issue? He allowed the deal but only under tough rules that this deal would be the last with China.
Define corporate social responsibility. When a society sets expectations for corporations that require them to be ethical, legal, and commercially and publicly appropriate.
Why were trade sanctions created during the Ukraine Crisis? The trade sanctions to stop imports towards Russia since they were claiming land in Ukraine.
What is the Saudi Arabia arms deal? A $15 Billion contract, where Canadian LAV's are being sold to Saudi Arabia for 14 years straight. First Stephen Harper initiated it and even now Justin Trudeau continues it, though he does have the power to stop it...
What happens when a business trades with a communist country? The business's pitch has to be regulated by multiple departments that the government own rather than being made directly to the country's business.
What are the positives about the Nexen deal? The economy will benefit and Canada will out due U.S. because they are going through a recession.
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