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Business Principles > Cp4 > Flashcards

Cp4 Flashcards

0
Q

All economies are depended of each other in merchandise trade process by which worlds various national economies and trading are fast becoming an interdependent(two or more people or things dependent on each other) system!

A

Globalization

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1
Q

80% of goods from Asia comes to

A

LA

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2
Q

Goods we buy from other countries

A

Imports

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3
Q

Goods we sell to other countries

A

Exports

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4
Q

A country that exports more then/exceeds imports

A

Trade surplus

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5
Q

A country that imports exceeds/more then exports

A

Trade deficit

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6
Q

Equal balance of importing and exporting

Total economic value of all the products that it exports minus the economic value of all the products that it imports

A

Balance of Trade

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7
Q

Federal Government Tax that are taxes on imported products

A

Tariffs

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8
Q

Why do we have Tariffs,Quotas and Embargo’s?

A

To protect domestic firms creating a balance of how many goods should be sold and made in the country

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9
Q

A Limit a maximum number of something/a certain product that can be imported

A

Quota

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10
Q

Banned goods that are NOT allowed in this country

A

Embargo

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11
Q

What are the Barriers to Trade?

A

Tariffs
Quota
Embargo

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12
Q

The practice of protecting domestic (ford,apple) business at the expense of free market competition
Critics may argue that this practice reduces competition

A

Protectionism

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13
Q

Is America Free-Trade?

A

No, because we are our own free trade in country but not globally

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14
Q

Economy is agriculture but the problems are no infrastructure(meaning no buildings roads trains or power supplies) and no exports

A

LDC Less Developed Countries

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15
Q

Example of Less Developed Country

A

Nicaragua

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16
Q

Has developing infrastructure
Has Export
Is changing from Agriculture to manufacturing

A

Developing countries

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17
Q

Examples of developing countries

A

Mexico and Zimbabwe

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18
Q

Becoming Services Instead of Manufacturing

A

Developed Countries

Example is American

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19
Q

Tried to eliminate Barriers to Trade

Agreement between three countries to eliminate the Barriers to Trade

A

NAFTA North American Free Trade Agreement

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20
Q

Canada
Mexico
United States
Is the….

A

North American Free Trade Agreement

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21
Q

Has pulp and wood

A

Canada

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22
Q

Has corn

A

United States

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23
Q

Has manufacturing and minimum wage of 65 cents

A

Mexico

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24
Q

Biggest reason why NAFTA was formed

A

We need Mexican Manufacturing

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25
Q

What is EU?

A

European Union

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26
Q

What is NAFTA?

A

North American Free Trade Agreement

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27
Q

Effects of making NAFTA

A

Increased direct foreign investment

increased exports and imports and created more jobs in Mexico

28
Q

Effects of making EU

A

Eliminated quotas
removes trade barriers
Set uniform tariff levels on products imported within their groups
Created one currency

29
Q

Most European nations

A

(EU) European Union

30
Q

Problem with creating on currency (euro)

A

It brings down entire European Union

31
Q

Trade agreement between 22 countries by eliminating trade barriers and put one step further by creating one currency

A

European Union

32
Q

16 countries agreed to eliminate Trade Barriers

A

(ASEAN) Association of Southeast Asia Nations

33
Q

What is ASEAN?

A

Association of Southeast Asia Nations

34
Q

Has the greatest impact over Asian countries

A

ASEAN

35
Q

What is GATT?

A

General Agreement on Tariffs and Trade

36
Q

It’s purpose was reduce or eliminate trade barriers, such as tariffs and quotas
Signed after World War II

A

GATT (General Agreement on Tariffs and Trade)

37
Q

What is PMN?

A

154 Preferred Number Nations

38
Q

You buy coconuts and will buy your electronics to eliminate trade Barriers is exp of?

A

Preferred Number Nations

39
Q

Agreement to countries to eliminate trade Barriers

A

Trade Barriers Trade Agreement

40
Q

The Trade Police!

A

WTO- World Trade Organization

41
Q

Began on January 1, 1995

A

WTO

42
Q

Three goals of WTO

A

Reduce Trade Barriers
Created to encourage international trade
Promote Trade by encouraging members to adopt fair trade practices

43
Q

The flow of money into or out of a country

The money that a country pays for imports and receives for exports

A

Balance of Payments

44
Q

Why does money come in country

A

Because of imports

45
Q

Why does money come out country

A

Because of exports

46
Q

The rate at which the currency of one nation can exchange for that of another

A

Exchange Rate

47
Q

Example of exchange rate

A

1 dollar of USA Money is only 97 cents in Japan

48
Q

Fluctuations in the exchange rate influence the

A

Balance of Trade

49
Q

Is a weak dollar good or bad for our balance of trade? And why?

A

Good! Because when our dollar is more Canadian buy less when our dollar is weak Canadian buy more

50
Q

As one dollar becomes weaker the balance of trade is

A

Stronger

51
Q

As the value of a country’s currency falls its balance of trade

A

Improves

52
Q

When a economy’s currency is strong

Domestic companies

A

Domestic companies find it harder to export products

Domestic companies may move production to cheaper production sites in foreign countries

53
Q

As the value of a country’s currency rises

Domestic companies

A

Domestic companies will have a hard time selling products in foreign markets

54
Q

As the value of a country currency rises

Foreign companies

A

Will find it easier to sell their products in local markets

55
Q

When Economies currency is weak

Domestic companies

A

Find it easier to export

56
Q

Foreign demand for a company’s product may be greater then the same as or weaker then domestic demand

A

Gouging International Demand

57
Q

Must decide whether and how to adapt its products to meet the special demands of foreign customers-also need to understand culture!

A

Adapt to Customer needs

58
Q

Example of Adapting to customers needs

A

McDonald’s Sales lunch with Wine Italy!

59
Q

Understanding culture and within that culture offensive signals

A

Adapting to customer needs

60
Q

Paying suppliers and distributions to perform certain business processes or to provide needed materials or services
Moving your Business/jobs overseas!

A

Outsourcing

61
Q

Canada United States and Mexico

A

NAFTA

62
Q

A surplus or a positive trade balance is when

A

A country’s exports exceed/more then it’s imports

63
Q

Imports of Canadian timber are limited to 14.7 billion per year (this example of what?)

A

Quota

64
Q

The United States government forbids cigars in the country (this example of)

A

Embargo

65
Q

A main purpose of tariffs on imports is to

A

Maintain domestic competitiveness

66
Q

Production-getting goods Produced over sea

A

Offshoring

67
Q

Geographic Clusters

A

North America

Europe

Business Principles (10 decks)

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