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The document outlines key concepts related to business, trade, and globalization, defining terms such as domestic and international business, imports, exports, and balance of trade. It discusses Canada's role as a trading nation, the advantages and disadvantages of international business, and the effects of globalization on economies and cultures. Additionally, it highlights the historical development of Canada's economy and the impact of populism on trade agreements.

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Albert Maxwell
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4 views4 pages

新建 DOC Document

The document outlines key concepts related to business, trade, and globalization, defining terms such as domestic and international business, imports, exports, and balance of trade. It discusses Canada's role as a trading nation, the advantages and disadvantages of international business, and the effects of globalization on economies and cultures. Additionally, it highlights the historical development of Canada's economy and the impact of populism on trade agreements.

Uploaded by

Albert Maxwell
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOC, PDF, TXT or read online on Scribd
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1.

Define the term business, Explain the difference between a domestic business and
an international business. Which type do you think is more common?

Business: An activity where goods or services are exchanged for money or other
goods/services.
Domestic Business: Operates within one country.
International Business: Involves trade across borders.
More Common: Domestic businesses are generally more common because they
have fewer complexities than international ones.

2. Define imports and exports, and explain how they are used to calculate a country's
balance of trade, what is the difference between a trade surplus and a trade deficit?

Imports: Goods/services brought into a country.


Exports: Goods/services sold to other countries.
Balance of Trade: Calculated as exports minus imports.
Trade Surplus: Exports > Imports.
Trade Deficit: Imports > Exports.

3. Explain, using three factual examples, how Canada is a trading


country with the world.

Canada exports natural resources (e.g., oil).


It imports goods like electronics from countries like China.
It has trade agreements like USMCA with the U.S. and Mexico.

4. List three main advantages of international business, and provide examples of


how it positively impacts Canadian consumers and/or businesses.

Increased Market Access: Canadian businesses can reach global markets.


Diverse Products: Consumers get a variety of goods.
Economies of Scale: Companies reduce costs by operating on a larger scale.

5. List three main disadvantages of international business, and provide examples of


how it negatively impacts Canadian consumers and/or businesses.

Job Losses: Outsourcing can lead to unemployment in Canada.


Economic Dependence: Over-reliance on foreign markets.
Environmental Impact: Increased production and transportation can harm the
environment.

6. Define the term globalization.

Globalization: The process of increased interconnectedness and


interdependence of world economies, cultures, and populations.

7. Identify three positive effects and three negative effects of globalization.


Positive: Economic growth, cultural exchange, and technological advancement.
Negative: Loss of cultural identity, economic inequality, and environmental
degradation.

8. What are some of the social and political issues of globalization?

Issues: Job displacement, wage suppression, and loss of local culture and
sovereignty.

9. What is the impact of the rise in populism on trade agreements? Thinking.

Populism often leads to protectionist policies, weakening international trade


agreements and reducing global trade cooperation.

10.Identify where two articles of clothing you own were made

T-Shirt: Made in Bangladesh.


Jeans: Made in Mexico.

11. Name three products you have used today that were made in Canada and three
products that were made outside of Canada.

Made in Canada: Maple syrup, milk, and bread.

12. Calculate Canada's balance of trade for 2016 with the following
countries (refer to the figures throughout section 1.2): Japan, India, Mexico, and
Chile, Did Canada have a trade surplus or deficit with each?

Japan: Trade deficit.


India: Trade deficit.
Mexico: Trade deficit.
Chile: Trade surplus.

13. Provide an example of an international business that trades with Canada from
each of the following countries: the United States, Japan, South Korea, China, Italy,
and France. Identify one product that each business sells.

Trading with Canada


United States: iPhone.
Japan: Cars.
South Korea: Electronics.
China: Smartphones.
Italy: Fashion accessories.
France: Cosmetics.
14. With a partner, discuss the following statement: "Countries don't trade, people
do." Do you and your partner agree or disagree with this statement? Explain.

Agree: People make decisions, run businesses, and negotiate trade deals.
Countries are abstract entities, but the actual trading involves individuals and
organizations.

15. In a small group, draft a letter to the federal trade minister either supporting or
challenging Canada's involvement in the TPP.

Support/Challenge: Depending on the group's stance, outline reasons such as


economic growth, job creation, or concerns over domestic industries and labor
rights.

16. Martin Luther King, Jr., said that "before you finish eating breakfast in the
morning, you've depended on more than half the world." what do you think he
meant by this? How many different countries have you relied on today?

Meaning: Many products we consume daily are sourced globally, illustrating our
reliance on international trade.
Countries Relied On Today: Examples include Canada (milk), Brazil (coffee), and
China (smartphone).

17. In groups of two or three, create a news report (written, audio, or video) on the
importance of one of the following industries in Canada: automotive, oil, or
technology. Present your news report to another group.

Importance: Discuss Canada's contributions to tech innovations, job creation,


and global partnerships in the tech sector.

18. Using the information presented in the chapter and through additional online
research, create a timeline of Canada's economic development from the early 1900s
to today.

Early 1900s: Expansion of railways, resource extraction industries (timber,


minerals), and early manufacturing.
1914-1918 (WWI): Industrial production surges to support war efforts;
increased demand for Canadian resources and manufactured goods.
1920s: Economic growth with advances in agriculture, manufacturing, and
energy; significant urbanization.
1930s (Great Depression): Severe economic downturn, unemployment rises,
and decline in international trade.
1940s (WWII): Economic recovery through wartime production; development of
industries like shipbuilding, aircraft, and armaments.
1950s-1960s: Post-war economic boom; rise of consumer goods industries,
expansion of the welfare state, and infrastructure development (Trans-Canada
Highway).
1970s: Economic diversification, oil and gas industry growth, and focus on
resource-based exports.
1980s: Introduction of free trade policies; Canada-U.S. Free Trade Agreement
(1988).
1990s: NAFTA (1994) integrates Canadian economy with U.S. and Mexico;
growth in technology and service sectors.
2000s: Strong focus on trade liberalization, emergence of technology sector,
and development of oil sands in Alberta.
2010s: Shifts toward renewable energy, digital economy growth, and increased
trade with Asia-Pacific.
2020s: Impact of COVID-19 on the economy, emphasis on digital
transformation, and sustainability initiatives.

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