the global environment for business

Question 1

what is self sufficiency?

Answer 1

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

Question 2

what is interdependence?

Answer 2

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

Question 3

what is a domestic business?

Answer 3

A business that makes most of its transactions within the borders of the country in which it is based.

Question 4

what is an international business?

Answer 4

Business activities needed to create, ship and sell goods/services internationally form producer to consumer.

Question 5

Example of an international business and of a domestic business

Answer 5

Domestic is farmer’s market, international is McDonald’s

Question 6

what is a domestic market?

Answer 6

all your customers live in the country where the business operates.

Question 7

what is a foreign market?

Answer 7

all the customers are in a country other than your own.

Question 8

5 ways a business can be considered an international business

Answer 8

Own a retail or distribution outlet in another country. Own a manufacturing plant in another country. Export to businesses in another country. Import from business in another country. Invest in businesses in another country.

Question 9

4 reasons international business is important to canada

Answer 9

meets our needs, creates more jobs, attracts investors, innovation and diversity.