BBB 4M1 - Exam Review Updated

Type of currency from a country that has an unstable government and its value fluctuates a lot.

This is the top of the business cycle.

The trade balance of a country is calculated by the following formula.

This economy relies on the market to determine pricing and the products offered.

The marketing mix includes:

A business that does all parts of a business transaction within its country's borders is...

This type of market research is collected by others. I.e. Statistics Canada

When a country can provide all of their basic needs (food, shelter, clothing), they are...

A culture that has a lifestyle or values that are opposite of the accepted culture in that area:

This type of economy restricts ownership of private property and has very little competition.

In simple terms, logistics is about:

At this stage of the business cycle, production and sales reach their lowest level.

Marketing strategy where a company has the production or marketing done in a different country.

This economic development is often called Third World and has some of the poorest economies.

What does the ISO organization focus on in terms of international trade?

The ability of one country to make a product more efficiently than other countries is called:

An enforceable treaty between two or more countries to improve trade is called a:

The 2 C's of marketing are:

Services such as financial, commercial, and real estate are examples of which industry sector?

Businesses that offer a similar product as your business are this type of competition:

Examples of cultural determinants include:

A group within culture that is distinguished from it based on religion, class or ethnicity is a:

The belief that your own culture, values and belief represent the right way of doing something.

The ability of a country to produce a good at a lower opportunity cost than another country.

This economic development is referred to as "Emerging Countries" that are becoming prosperous.

Government imposed ban on trade of a certain good to apply pressure to foreign governments is a:

A group established to help with the free flow of goods and services between countries is a:

At this stage of the business cycle, the economy is slowing down and people are buying less.

Beliefs, values and attitudes that are acquired by a large group of people in a region is:

This economic development, often called "First World Countries" with a strong GDP is:

Logistics was originally a ____ term.

The reliance of two or more groups on the actions of another to fulfill their needs is called...

Process of a company changes in some way to become more efficient and productive is called:

Marketing strategy where all of a company's manufacturing and marketing are done in one place.

At this stage in the business cycle, the economy is beginning to grow.

This currency is usually associated with countries that have stable or reliable value. i.e US

This allows a company to use a product, service, or brand name in exchange for a royalty.

Any product that competes for consumers' spending money is this type of competition.

Meetings that have set time constraints and follow an agenda specifically are called this.

The most common type of barrier to international trade is:

The amount of money coming into a country based on the sale of goods and services is called:

This is the most popular form of economic system:

A new company with shared ownership, formed by 2 businesses and located in one country is a:

Agriculture, Fishing, Forestry and Mining are examples of which industry sector.

The money left over from your wages after all living expenses have been paid for is called

The value of what is given up to get something else is called:

The sum total of all activities needed to get the good or service to the consumer is called:

The segment of the market that a product or service is geared towards is called:

Processed foods, Textiles, Automotive and Paper and examples of which industry sector?

This type of trade involves only 2 countries.

The flow of goods in and out of the business. (transportation, warehousing, storage) is called:

The practice of shielding domestic industries from foreign competition is called:

The amount of currency in relation to the currency of another country is called a (n)....

This is the name for a tax added to imported goods to make domestic goods more competitive.

The amount of work that can be done in a unit of time using the resources available is called:

This type of trade involves 3 or more countries.

Goods that are shipped to other countries to sell are called:

Goods or services brought into Canada for resale are called:

Government imposed limit on the amount of products imported is called a:

An economic action taken by a country to coerce another to conform to certain norms is called a:

When a country produces a good or provides a service better than its competitors it has a (n):

This type of market research is observed and collected by a business to solve. i.e. survey

NAFTA is a trade agreement between which countries?

Meetings that are flexible and allow people to participation in discussions are called this.

Businesses can have a competitive advantage by having: