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What is comparative advantage?

Producing at lower opportunity cost than others

Why did England import coal during the Industrial Revolution?

It specialized in manufacturing and traded for coal

Three reasons companies trade?

Excess capacity; lower cost; foreign demand

Who decides international trade?

Companies

Three risks of international trade?

Exchange rates; political risk; shipping delays

Main benefit of free trade?

Lower prices and more choice

Two economic benefits of free trade?

Economic growth; job creation

Canada’s major trade agreements?

FTA; NAFTA; USMCA

What happens when the Canadian dollar is weak?

Exports increase

Two negatives of a weak Canadian dollar?

Inflation; higher import costs

Effect of weak CAD on GDP?

Increases GDP

Why does culture matter in business?

It affects trust and consumer behavior

Why did Pocari Sweat fail in North America?

Cultural misunderstanding

Why did Chevy Nova fail in Mexico?

“No va” means doesn’t go

Business norm in Latin America?

Build relationships first

Cultural meaning of number 4 in China?

Death

Three ethical issues in global business?

Labor standards; corruption; environment

Example of unethical labor practice?

Child labour

Should companies follow ethics abroad?

Yes

Do economists like tariffs?

No

Who pays a tariff?

Importers and consumers

Why are tariffs hard to remove?

Lobbying and retaliation

Are tariffs good job creators?

No; very inefficient

Strategy vs tactics?

Strategy = long-term; tactics = short-term

What is competitive advantage?

A hard-to-copy advantage

SWOT stands for?

Strengths; Weaknesses; Opportunities; Threats

Internal vs external in SWOT?

Strengths/Weaknesses = internal; Opportunities/Threats = external

Three growth strategies?

Concentration; diversification; vertical integration

Why did Target fail in Canada?

Weak supply chain

Two more reasons Target failed?

Expanded too fast; poor leadership

Key competitor mistake by Target?

Underestimated Walmart

Most strategies fail because?

Poor execution

Three reasons strategies fail?

Lack of vision; resistance to change; weak measurement

Percent of strategies that fail?

About 90%

5 V’s of Big Data?

Volume; Variety; Velocity; Veracity; Value

CIA triangle stands for?

Confidentiality; Integrity; Availability

CIO responsibility?

IT systems; security; budget

Anthropogenic climate change?

Climate change caused by humans

What is ESG?

Environmental; Social; Governance

Business trend now?

Stakeholder capitalism

“Culture eats strategy” meaning?

People matter more than planning

Accountability equals?

Responsibility

What system measures personality here?

Predictive Index

What does the Predictive Index measure?

Workplace behavior and motivation

What does Dominance measure?

Drive to control and assert authority

What does Extraversion measure?

Need for social interaction and persuasion

What does Patience measure?

Preference for stability and work pace

What does Formality measure?

Respect for rules and structure

What does Synthesis (E) measure?

Data-driven decision making

Why do companies use Predictive Index?

Hiring and team building

Why is personality hard to train?

It is innate