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cheries management
managment chapter 5
| Question | Answer |
|---|---|
| Europe | Many internet and software manufacturers throughout the continent |
| Asia-Pacific | Japan dominates the region. Booming electronic industries |
| Globalization | the integration of markets globally |
| Imports | products that are made or grown abroad and sold in Canada |
| Exports | Products made or grown in Canada that are sold abroad |
| Per capita income | the average income per person of a country |
| North America | America dominates the region. Canada and America are each others biggest trading partners. Mexico plays role because of cheap labour. A lot of automotive plants are in Mexico. |
| Absolute Advantage | a nation’s ability to produce something more cheaply or better than any other country (Canadian Timber, Saudi Oil, Brazillian Coffee Beans) |
| Comparative Advantage | a nation’s ability to produce some products more cheaply or better than it can others (Canada has a comparative advantage in farming because of fertile land and temperate climate) |
| National Competitive Advantage | a country will be inclined to engage in international trade when factor conditions, demand conditions, related and supporting industries, and strategies/structures/rivalries are favorable. |
| International competitiveness | the ability of a country to generate more wealth than its competitors in world markets. |
| Balance of Trade | the difference in value between a country’s total exports and its total imports |
| Trade Surplus | occurs when a country exports more than it imports |
| Trade Deficit | occurs when a country imports more than it exports |
| Balance of Payments | the difference between money flowing in to and out of a country as a result of trade and other transactions (money spent by tourists, buying and selling of international currencies on the market) - unfavourable balance is more money flowing out than in |
| Exchange rate | the ratio of one currency to another - a currency is said to be strong when demand for it is high - also strong if there is high demand for the goods manufactured at the expense of that currency |
| Euro | a common currency shared among most of the members of the European Union (excluding Denmark, Sweden and the UK) |
| Independent Agent | a foreign individual, or organization, who agrees to represent an exporter’s interests in foreign markets (act as sale representatives by selling the exporter’s product, collecting payments, and ensuring customers are satisfied) |
| Licensing Agreement | An arrangement by an owner of a process or product to allow another business to produce, distribute, or market it for a fee or royalty (franchising is a special form that is popularizing) |
| Branch Office | a location that an exporting firm establishes in a foreign country in order to sell its products more effectively (gives the company a more visible public presence in the foreign country) |
| Strategic Alliance | an enterprise in which two or more persons or companies temporarily join forces to undertake a particular object |
| Foreign Direct Investment (FDI) | Buying or establishing tangible assets in another country (dell computers built assembly lines in Europe) |
| Quota | a restriction by one nation on the total number of products of a certain type that can be imported from another nation (indirectly raises their price by reducing supply) |
| Embargo | a government order forbidding exportation and/or importation of a particular product |
| Tariff | a tax levied on imported products |
| Subsidy | a government payment to help domestic business compete with foreign firms |
| Protectionism | protecting domestic business at the expense of free market competition |
| Local-content laws | laws requiring that products sold in a particular country be at least partly made in that country |
| AIT (agreement on international trade) | requires all 10 Canadian provinces to remove barriers to agricultural trade |
| Business-practice laws | laws or regulations governing business practices in given countries |
| Cartel | any association of producers whose purpose is to control the supply and price of a given product |
| Dumping | selling a product for less abroad than in the producing nation; illegal in Canada |
| European Union | agreement among major Western European nations to eliminate or make uniform most trade barriers affecting group members - produces one quarter of global wealth - eliminated quotas and tariff levels of products imported and exported within the group |
| North American Free Trade Agreement (NAFTA) | Agreement to gradually eliminate tariffs and other trade barriers among the USA, Canada and Mexico |
| International business | Business activities that involve exchanges across national boundaries |
| Revenue tariff | strictly to raise money for the government |
| Protectionist tariff | discourage importation of certain product |
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