9-10

Question 1

technology + examples

Answer 1

tools that people have invented to make life easier

radio + tv : inform
telegraph + telephone : communication
trains, cars, airplanes : traveling
computers : changes the way business is conductive + store thousands of files
digital tech : film industry uses it for video editing
accounting and bookkeeping programs : plan and controlling business operations

Question 2

impact of telephones

Answer 2

telephones allowed for instant communication at any time and place

telephone companies sprang up and making them became a big business. radio telephones and cellphones (mini computers) were made.

Question 3

electronics have revolutionized business and society for the past _
computers were first used by__
pdas are _

Answer 3

60 years
the military
personal digital assistant - handheld device for users to send email and access the internet

Question 4

e workforce vs e commerce

Answer 4

e workforce - consists of ppl who work with computers while doing business (more than 77 mil workers use them everyday)

e commerce - uses the internet to do business (businesses can reach customers directly anywhere in the world)

Question 5

technology to employment

Answer 5

new markets for products have opened (printers, fax machines, video games, cell phones)
innovation leads to more jobs and ppl learning new skills
new tech leads to ppl being able to work faster and easier

Question 6

digital workforce

Answer 6

links all steps of a process digitally

paper workflow - sending info in paper form (wastes paper and less efficient)

Question 7

the internet

Answer 7

has created demand for jobs like software writers, web page designers, etc.

Question 8

virtual business

Answer 8

internet business - doing business via the internet. entrepreneurs can communicate w customers around the world online from their home

some businesses are start-ups : newly formed business that is usually small

Question 9

potential customers in ecommerce

Answer 9

potential customers - everyone who is hooked up to the internet.
this has changed the way business is planned and conducted.
2 examples of e commerce : etail and etickets

E-commerce makes it easier to send catalogs of e-tailers’ products to consumers.
Putting catalogs on the Internet rather than shipping them by mail saves a lot of money in printing and mailing costs.

Question 10

etail

Answer 10

etail - electronic retail

multi channel retailers sell products using several methods (in stores, online, in mail)

businesses often call their stores and watehouses
brick and mortar

businesses that also use the internet call themselves
clicks and mortar operations (barnes and noble)

Question 11

benefits of etail

Answer 11

1) convenience - u can shop at home for as long as u want and have ur purchase delivered to ur door
2) choices - so many options online, u can compare prices w diff websites easily

Question 12

drawbacks of etail

Answer 12

1) buying power - easy to overspend
2) additional charges - shipping charges and taxes bc products are delivered by mail. exchange + return policies may be more strict
3) immediacy - delivery times vary
4) relying on observation - u have to rely on pictures and descriptions when purchasing

Question 13

eticket

Answer 13

eticket - electronic ticket.
70% of travelers in the us shop for airline tickets online. they are also available for concerts, museums, movies, and amusement parks

can be easier and cheaper. browsing the Internet gives u time to compare offers and prices.
E-ticket holders can print their boarding passes online, use self-service check-in, and avoid some of the lines in crowded ter-minals.
However, if an airline loses your e-ticket in its computer system, you might be required to buy another ticket.

Question 14

global economy

Answer 14

the interconnected economies of the nations of the world

Question 15

international trade

Answer 15

exchange of goods and services between nations

Question 16

globalization

Answer 16

development of the global economy

Question 17

multinational corporation

Answer 17

company that does business in many different countries and has facilities around the world

Question 18

trade

Answer 18

buying or selling of goods and services in domestic or international markets

types : domestic trade, world trade, imports, exports

Question 19

domestic trade vs world trade

Answer 19

domestic : production, purchase, and sale of goods and services within a country

world : exchange of goods and services across international boundaries
(takes place bc some countries may have diff raw materials and are able to produce better products at cheaper services than other countries)
(enabled thru less trade barriers, better transport and telecom)

Question 20

imports vs exports

Answer 20

import - goods and services that a country buys from another

export - goods and services that a country sells to another

Question 21

countries can invest in other nations by

Answer 21

Countries can also invest in other nations by opening businesses there. They import and export the services of professionals, such as doctors and engineers. one countries imports are anothers exports

Question 22

balance of trade

Answer 22

trade surplus - exports more than imports
trade deficit - imports more than exports

balance of trade - diff in value between a countries imports and exports over a period of time

Question 23

specialization

Answer 23

specialize - to focus on a particular activity, area, or product.
Specialization builds and sustains a market economy.
Countries specialize in producing certain goods and services.
Many take advantage of their specialties by trading them with other countries in the global marketplace.
individuals specialize by concentrating their activities in a particular area or field, Each worker’s income buys goods and services that others have specialized in producing.

Using Resources to Specialize
Countries also specialize and trade some of the items that they produce in order to obtain other countries’ goods and services.
comparative advantage - the ability of a country or company to produce a particular good more efficiently than another country or company. Money gained from auto sales to other countries is then used to buy items that other countries produce. This helps to improve the standard of living for each country.

Question 24

currency

Answer 24

countries pay for goods and services with currency (money)

to trade, businesses and countries must convert their money into that nation’s currency.

To do that, their currency is exchanged on the foreign exchange market.
The foreign exchange market is mostly made up of banks where different currencies are exchanged.

Question 25

exchange rate

Answer 25

price at which one country can buy another currency (can change from day to day) Companies follow the change in exchange rates to find the best prices for products. When the value of a country's currency goes up compared to another country's, it appreciates, or goes up in value. A country with an appreciated exchange rate can buy more of the other country's products. When it goes down, the currency depreciates, or goes down in value. For example, if the U.S. dollar goes up compared to the euro, it will take fewer dollars to buy French cheese or Italian furniture. It also means U.S. goods will cost more because it will take more euros to buy them.

Question 26

protectionism and free trade

Answer 26

In the global marketplace, countries benefit from buying one another's products. Countries compete by making the same products. Global competition often leads to trade disputes, which occur when nations put barriers on trading particular items with another country. At the heart of most trade disputes is whether there should be limits on trade or whether trade should be unrestricted. Protectionism and free trade are two opposing points of view involved in trade disputes.

Question 27

protectionism

Answer 27

gov putting limits on foreign trade to protect businesses at home trade barriers : tariff - tax placed on imports to increase their price in the domestic market quota - limit placed on the quantities of a product that can be imported embargo - ban on the import or export of the product (usually for political or military purposes)

Question 28

reasons to protect trade

Answer 28

• Foreign competition can lower the demand for products • Companies at home need to be protected from unfair foreign competition. • Industries that make products related to national defense (such as satellites, aircraft, and weapons) need to be protected. • The use of cheap labor in other countries can lower wages or threaten jobs at home. • A country can become too dependent on another country for important products such as oil, steel, or grain. • Other countries might not have the same environmental or human rights standards.

Question 29

free trade

Answer 29

occurs when there are few or no limits on trade between countries. As the world economy becomes more global, many countries are moving toward a free trade system. To reduce limits on trade, nations form trade alliances - when several countries merge their economies into one huge market. For example, NAFTA (North American Free Trade Agreement) combined the economies of the United States, Canada, and Mexico. Some people opposed NAFTA because they feared some workers would be displaced when trade barriers were lowered. Opponents predicted that some high-paid U.S. jobs would be lost to Mexico. That did happen in areas where Americans and Mexicans were competing. Despite the early controversy over NAFTA, the alliance has resulted in various business projects between the three countries. Some of the major trade alliances in the world today are: • North American Free Trade Agreement (NAFTA): United States, Canada, and Mexico • European Union (EU): Austria, Belgium, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom • Association of Southeast Asian Nations (ASEAN): Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam

Question 30

benefits of free trade

Answer 30

• It opens up new markets in other countries. • It creates new jobs, especially in areas related to global trade, such as shipping, banking, and communications. • Competition forces businesses to be more efficient and productive. • Consumers have more choices in the variety, prices, and quality of products. • It promotes cultural understanding and encourages countries to cooperate with each other. • It helps countries raise their standard of living.