The global environment

Question 1

SELF-SUFFICIENCY

Answer 1

Is the ability to provide for all of your basic needs, such as food, clothing, shelter, and water without relying on anyone else.

Question 2

INTERDEPENDENCE

Answer 2

The reliance of two or more groups on the actions of one another to fulfill certain wants or needs.

Question 3

DOMESTIC BUSINESS

Answer 3

Is a business that makes most of its transactions within the borders of the country in which it is based.
Example: Canadian Tire, Chapmans

Question 4

INTERNATIONAL BUSINESS

Answer 4

Business activities needed to create, ship and sell goods/services internationally form producer to consumer.
Example: Toyota, Nike, Air Canada

Question 5

DOMESTIC VS. FOREIGN MARKET

Answer 5

Domestic Market: all your customers live in the country where your business operates.
Foreign Market: all the customers in a country other than your own.

Question 6

How to be considered an international business

Answer 6

1. Own a retail or distribution outlet in another country
2. Own a manufacturing plant in another country
3. Export to business in another country
4. Import from businesses in another country
5. Invest in business in another country

Question 7

Why is international business important to Canada?

Answer 7

1. Meets our needs
2. Creates more jobs
3. Attracts investors
4. Innovation & Diversity