1. Why are domestic businesses becoming rarer?
Domestic businesses are becoming rarer because globalization, technology, and cheaper transportation make it easier for companies to sell, buy, and operate in other countries. Free trade agreements also reduce barriers, so many businesses choose to expand internationally instead of staying local.
2. What are five ways a business can be considered an international business?
A business is international if it exports goods, imports products or materials, operates in other countries, works with international partners, or sells and markets to customers around the world.
3. Pick 3 countries and explain their trade history with Canada.
Canada trades heavily with the United States, its largest trading partner, especially in energy and cars. The United Kingdom has traded with Canada since colonial times. Trade with China has grown in recent years, focusing on resources and manufactured goods.
4. What are the 7 different types of international businesses?
The seven types are exporting (selling abroad), importing (buying from abroad), licensing (renting brand rights), franchising (selling a business system), strategic alliances (working together), joint ventures (creating a shared company), and multinational corporations that operate in many countries.