UNIT 5 Flashcards
Duty free
are non-restricted items made within the borders of counties, exempt from payment of customs fees
Forward logistics
The steps that involve delivering products from producer to consumer
Geopolitics
Refers to the influence of factors such as geography, politics, and economics on a country, especially as it relates to their foreign policy.
Horizontal integration
Method of expanding a company by acquiring competitors
In-shoring
Contracting to another business in the same business
Insourcing
When a function that is normally outsourced is handled internally by the company
Intermodel shipping
using more than one form of transportation
e.g air freight, ocean freight, rail, motorized carriers, pipeline
Home and crowd-sourced delivery services
Just-in-time
When suppliers can make and/or ship materials that a factory or retailer needs quickly enough so that they arrive as they are required
Logistics
The acquisition, transportation, and storage of materials from the point of origin to the point of consumption
Near-sourcing
Outsourcing to nearby countries
Offshoring
Transfers functions to a branch of the company in another country
Outsourcing
The strategic use of outside resources to perform activities that were previously handled internally by the company itself
Passport
Required for travelling outside the country, and to return to Canada when travelling from abroad
Point of sale terminal
System that tracks retail sales by recording the code or stock number of each unit
Reverse integration
Buyer adapts to the target
Reverse logistics
The activities that occur after the product has been sold and received by the customer
Supply chain
The sum of all activities involved in moving raw material, processed goods, and finished products into an organization, and moving the semi-processed or finished goods out of the organization toward the end consumer
Temporary foreign workers
Canadian employers hire foreign workers ti fill temporary jobs
Third party logistic
Outsourcing supplier co-ordination and distribution functions to another company
Vertical integration
When the company owns the whole supply chain, or significant portions of it, from acquisition of raw materials to retailing
Visa
certificate issued by the country one wishes to visit that
indicates that the department of immigration in that country has
checked your credentials and given you permission to visit their country
temporarily for a specified purpose.
Advantages of working abroad
Learn new language, expand your cultural awareness, paid a Canadian salary, valuable addition to resume
Disadvantages of working abroad
Leaving friends and family behind, feeling of isolation, poor living conditions, dangers
Bank act
The Bank Act is the law passed by Parliament to regulate Canada’s chartered banks. protecting depositors’ funds; insuring the maintenance of cash reserves (see Monetary Policy); and promoting the efficiency of the financial system through competition
