Interantional buisness terms

Question 1

Culture

Answer 1

The sum of a country’s way of life/lifestyle, beliefs, and customs

Question 2

Monochronic

Answer 2

A country that schedules events or work one at a time. They are strongly focused on that one project.

Question 3

Polychronic

Answer 3

A country that would prefer completing more than 1 project at a time. They are easily distracted and change plans easily and often.

Question 4

International transaction

Answer 4

Selling of items produced in a different country

Question 5

Domestic transaction

Answer 5

Selling of items produced in the same country

Question 6

International buisness

Answer 6

The act of selling your good/service in another country or partnering with someone internationally

Question 7

International Franchise

Answer 7

Allowing a group of individuals to sell their product in your country. Mcdonald’s has stores all over the world

Question 8

Joint venture

Answer 8

2 or more businesses come together and use their joint resources and expertise to accomplish a certain goal. They operate as one.

Question 9

WTO

Answer 9

World Trade Organization. The only organization that deals with the global rules of trade

Question 10

Strategic alliance

Answer 10

2 or more businesses come together to use both businesses to accomplish a certain goal. They work together but operate separately. For example, Starbucks and Indigo

Question 11

Merger

Answer 11

Combination of 2 or more companies when one company totally absorbs the other.

Question 12

Offshoring

Answer 12

The act of relocating some of your company’s operations to a different country. Lower labor.

Question 13

MNC

Answer 13

Multinational Corporation. A corporation that is registered and operates in more than one country at a time.

Question 14

Bilateral trade

Answer 14

2 countries agree to trade with one another. Quick and easy to negotiate

Question 15

USMCA

Answer 15

The United-States, Mexico, Canada trade agreement.

Question 16

Containerization

Answer 16

A method of transporting items by placing them in large containers

Question 17

Tariffs

Answer 17

A form of tax that is put onto goods at the border that is being imported into Canada

Question 18

Non-Tariff Barriers

Answer 18

Standards for the quality of imported goods

Question 19

Landed costs

Answer 19

Landed cost is the sum of expenses associated with shipping a product. Typically, the term refers to costs connected with international shipping like taxes and fees.

Question 20

Direct Exporting

Answer 20

Exporting directly to a customer interested in buying your product. You are in charge and responsible for shipping and so on.

Question 21

In-direct exporting

Answer 21

You sell your products to another company or third party, who then sells your product. For example, Costco.

Question 22

Imports

Answer 22

Products coming into your own country

Question 23

Exports

Answer 23

Products going out of your home country, to benefit another

Question 24

Trade deficit

Answer 24

occurs when the value of a country’s imports exceeds the value of its exports. In simple terms, a trade deficit means a country is buying more goods and services than it is selling. This is negative

Question 25

Trade surplus

Answer 25

a situation in which a country sells more to other countries than it buys from other countries

Question 26

G8

Answer 26

A G8 is a group of the top industrialized nations in the world. It includes Canada, the United States, Italy, Germany, and more. They hold an annual meeting to foster consensus on global issues like economic growth and crisis management, global security, energy, and terrorism.