Intro to business (unit 1?)

Describe the three general types of business in the private sector.

• Producers, intermediaries, service business

• embargo, tariff, quota

• consumers, customers, businesses

• producers, customers, consumers

Identify the three categories of customers that businesses serve, and give examples of each.

• business to business, business to consumer, business to government

• business to people, business to product, business to chicken

• embargo, tariff, quota

• economics, producers, customers

Describe the three basic forms of business ownership.

• economic

• economy, produce, consume

• embargo, tariff, quota

• Proprietorship, partnership, corporation

What are some advantages and disadvantages of globalization?

• economy, producers, cusomers

•  reach a global market, increased investments, access to advanced technology

• reducing the gap between the rich and the poor, competition, cross-cultural management, legal effects

• terrorism, lifestyle diseases, unemployment, displacement of workers, currency fluctuation, price instability, job insecurity

Explain why currency makes global trade complex.

• Most countries have their own currency and it becomes complicated because the value of each country’s currency is different

• price instability, job insecurity

• producers, customers

• embargo, tariff, quota

What is trade policy and how can it restrict trade activity?

• Trade policy are laws.

• Trade policies are regulations and laws put in place by the government for international trade of goods and services. The government can implement trade barriers (tariffs, embargoes, quotas) to restrict or limit international trade.

• Trade policy are laws that restrict things.

• Trade policy is helpful and nice.

Explain why logistics is a consideration when taking business to another country.

• Using several forms of transportation often results in longer shipping times & greater cost

• embargo and tariff is what effect businesses

• The government can implement trade barriers (tariffs, embargoes, quotas) to restrict or limit international trade.

• economy

Which of the following is a type of business?

• Sole Trader

• Partnership

• Corporation

• All of the above

What are some considerations that are needed when taking business into another country? (2 answers)

• Labor laws, logistics, legal documents, diverse workforce, intercultural communication

• Do you want to license a product or service from another company? Start a franchise? Consider a joint venture?

• Economy whether its strong or weak.

• Producers and consumers of products.

Intermediary

• Selling goods to producers

• Person or business that sells the goods and services from producers to customers

• Business that sells primarily to individual consumers

• Difference between a nation’s exports and imports