International business test 1

What is another term for International Business?

-Global Business -International Trade -Foreign Trade

In the eleventh century, countries main forms of transportation were ______. This meant that _____ items were not easily transported.

1) By boat 2) Perishable

What are the four components of the international business environment?

1) Geography 2) Cultural & Social Factors 3) Economic Conditions 4) Political & Legal Factors

List three examples or types of trade barriers that could affect doing business internationally.

1) Import Taxes 2) Quotas 3) Laws & Regulations

Roughly, how many years ago did International Business begin? **Plus/minus 1,000 years**

15,000 years ago China, India, & Japan

What year did the United States of America declare its Independence from the United Kingdom?

1776

During the fifteenth and sixteenth centuries, countries began to create _______ in other countries to expand trade.

Colonies.

Language, education, religion, values, customs, and social relationships would be an example of which international business environment factor?

Cultural and Social Factors

The accepted behaviors, customs, and values of a society is called _______.

Culture

You have decided to go to the local produce stand and purchase a dozen tomatoes. Which type of business transaction have you participated in?

Domestic Business

Explain the difference between Domestic Business and International Business.

Domestic: making, buying, and selling goods/services within a country. International: all business activities needed to create, ship, and sell goods/services across national borders.

The type economic system, education level, types of industries, and technology would be an example of which international business environment factor?

Economic Conditions

When a country/business sells products and/or services to a different country, they would be considered ______.

Exports

Climate, terrain, seaways, natural resources, and agriculture products would be an example of which international business environment factor?

Geography Factors

When items that consumers need and want are created in other countries, this exists.

Global Dependency

When a country/business buys products and/or services from a different country, they would be considered ______.

Imports

You recently went to Quakerbridge Mall and purchased a few t-shirts at your favorite clothing store. Which type of business transaction are you participated in?

International Business

When countries expanded to other countries and created colonies, did the home country have to pay more or less for the colonies new natural resources? Explain.

Lower because the colonies were part of the home country which means they do not have to pay high costs to obtain the new resources.

The type of government, political stability, and government policies toward businesses would be an example of which international business environment factor?

Political & Legal Factors

When a business travels to a different country where they do not speak the same language, would be an example of a _______.

Trade Barrier