Quiz 3 - BUEC, BLAW & INTB

Question 1

What is Economics, What is Business Economics?

Answer 1

Economics: the PRODUCTION, distribution and consumption of goods and services & transfer of wealth

Business Econ: incorporating economics principles into the business including decisions related to production, distribution, finances, human resources
- Related to MICRO ECONOMICS

Question 2

TRAGEDY of the Commons

Answer 2

Where individuals deplete a public resource in their own self-interest so that there is none left for others/future use.

Question 3

Business Law - why is it useful

Answer 3

Knowing the law, complying with the law and avoiding unexpected legal problems can help facilitate effective commercial activity

Question 4

Contracts & Torts?

Answer 4

Contract law: deals with legally binding documents or agreements (supplier providing product by a deadline)

Tort Law: deals with wrongdoing, negligence or breach of duty of socially-acceptable or responsible behaviour
(suing another person over property damage)

Question 5

June 26, 2014 Supreme Court of Canada: Tsilhqot’in Nation v. British Columbia

What happened in this case?

Answer 5

Unprecedented decision on Indigenous land rights

Question 6

What is Globalization

Answer 6

Globalization is the spread of products, technology, information, and jobs across national borders and cultures. In economic terms, it describes an INTERDEPENDENCE of nations around the globe fostered through free trade

Question 7

What is true about world trade and GDP over the last 10 years

Answer 7

World trade and GDP have grown in tandem over the past 10 years

Question 8

__________ is the life blood
of the Canadian economy – international business
is the conveyor of its growth

Answer 8

TRADE

Question 9

COVID and geopolitics have recently exposed the ________ of global business.

Answer 9

RISKINESS

Question 10

What is an important skill in international business

Answer 10

Understanding CULTURAL differences in the global market