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businsess Flashcards

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1
Q

What is a business?

A

An organization that produces or sells goods/services to satisfy the needs and wants of consumers for the purpose of making a profit

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2
Q

Define ‘needs’ in a business context.

A

Essential for human survival

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3
Q

Define ‘wants’ in a business context.

A

Not essential for survival

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4
Q

What are ‘real needs’?

A

Basic needs that are tangible (such as food, shelter)

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5
Q

What are ‘psychological needs’?

A

Needs that are intangible and emotional (such as companionship, security)

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6
Q

What are goods?

A

A tangible product that will be sold, likely for profit

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7
Q

What are services?

A

Anything intangible that someone does for a fee, without a tangible good changing hands

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8
Q

What does ‘bricks and mortar’ refer to?

A

Physical places that customers visit to make purchases

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9
Q

Define ‘e-commerce’.

A

Virtual store, where business is conducted electronically over the Internet, without a store or showroom

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10
Q

What does SMEs stand for?

A

Small to medium-sized enterprises

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11
Q

What is a market?

A

Any arrangement that enables buyers and sellers to get information and to do business with each other

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12
Q

Define ‘demand’.

A

The amount of a good or service that customers are willing to purchase at a particular prices

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13
Q

Define ‘supply’.

A

The amount of a good or service available for consumption

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14
Q

Who is a producer?

A

An individual or business that makes a product

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15
Q

What is a customer?

A

A person who buys goods and services

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16
Q

What is a consumer?

A

A person who uses goods and services

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17
Q

What is a royalty?

A

Compensation for usage of your work

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18
Q

What does CEO stand for?

A

Chief Executive Officer (the highest ranking person in a company)

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19
Q

What is conspicuous consumption?

A

Some people flaunt their purchases just to impress others

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20
Q

Define ‘peer pressure’.

A

Feeling pressured by friends to make a purchase

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21
Q

What is a sole proprietorship?

A

One owner is entitled to all profits and is responsible for all liabilities (unlimited liability)

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22
Q

What is a partnership?

A

Two or more people (partners) share profits and losses according to the partnership agreement

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23
Q

What is a partnership agreement?

A

A legal document that allows members of a partnership to establish rules for their relationship and to specify the conditions that will cause the partnership to dissolve

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24
Q

What are general partners?

A

General partners have unlimited liability and have full management control of the business

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25
What are limited partners?
Limited partners have little to no involvement in management, but have liability that's limited to their investment in the partnership
26
What defines a corporation?
The ownership of a corporation is divided into many small parts (shares or stock)
27
Who is a stockholder?
A person that owns a share of a company
28
What are private corporations?
Only a few owners control all of the stock. Not listed on a stock exchange
29
What are public corporations?
Shares are available to the entire public on the stock exchange
30
What are crown corporations?
Operated by the provincial/federal government
31
What is a franchise?
The franchiser licenses the rights to its name, operating procedures, designs and business expertise to another business (the franchisee)
32
What are the three types of resources (factors of production)?
* Natural Resources * Human Resources * Capital Resources
33
What is management in a business context?
Allocates the factors of production to make the business successful
34
Define productivity.
The quantity and quality of work performance
35
What does effective mean in business?
An output measure (was the task completed or the goal accomplished?)
36
What does efficient mean in business?
An input measure (were the costs associated with completing the task done at a minimum?)
37
What is interdependence in business?
Businesses relying on other businesses to help them produce goods & services that satisfy consumer needs and wants
38
Define economy.
The independent system where government and businesses work together to provide goods and services to consumers
39
What is an economic system?
A way of dealing with the selection, production, distribution, and consumption of goods and services
40
What is a centrally planned economy?
Government controls all economic decision making
41
Define capitalism.
A business is 'free' to own private property and make a profit
42
What is a mixed economy?
No economic system exists in pure form. Most economies are mixed, with private and public companies
43
What is the public sector?
Government that provides services
44
What is the private sector?
Businesses that are individually owned and operated whose purpose is to make a profit
45
What does privatization mean?
Public sector organizations are sold to the private sector
46
What does GDP stand for?
Gross Domestic Product
47
Define inflation.
Occurs when the price of many products goes up while the purchasing power of money decreases
48
What is purchasing power?
The amount and quality of goods and services that money can buy
49
What is the unemployment rate?
The number of able-to-work people who don’t have jobs as a % of the labour force
50
What is international business?
All business activities needed to create, ship, and sell goods and services across national borders
51
What is domestic business?
Business that takes place entirely within a country’s borders
52
What is trade?
Allows countries to expand their markets and access goods and services that otherwise may not have been available domestically
53
Define import.
Bringing in goods/services to sell in Canada
54
Define export.
Selling goods/services from Canada to another country
55
What is a trading partner?
When a business in Canada develops a relationship with a business in another country
56
What is a tariff?
A tax imposed by the local government on goods and services coming into a country
57
What does CAD stand for?
Canadian dollar
58
What is free trade?
Removing tariffs on certain goods traded between countries
59
What does NAFTA stand for?
North American Free Trade Agreement
60
What is the purpose of NAFTA?
Created a Canada/U.S./Mexico free-trade zone
61
What replaced NAFTA?
US/Mexico/Canada Agreement (USMCA)
62
Define culture.
The sum of a country’s way of life, beliefs, and customs
63
What are economies of scale?
The more products you can make using the same factory, the cheaper each product becomes
64
What is turnover in a business context?
Employees leaving the company and then being replaced by new workers
65
What is profit?
(Bottom Line) Revenues - Expenses = Profit
66
Define revenue.
The amount of money a business receives for selling its goods/services
67
What is an expense?
Costs involved in running a business (electricity, taxes, wages, etc)
68
What does obsolete mean?
A product is replaced by a better, more technologically advanced product. It is no longer sold
69
What is capital in a business context?
The money or wealth needed to produce goods and services
70
What does financing refer to?
Raising capital to fund your organization
71
What is a big-box retailer?
A physically large retail establishment, usually part of a chain of stores
72
What are the seven key factors that influence consumer buying decisions?
* Income * Price * Emotion * Trends * Customs/Habits * Safety * Promotion
73
What are the forms of business ownership?
* Sole proprietorship * Partnership * Corporation
74
What are the benefits of franchising?
* Brand recognition * Share in advertising * Manual on how to run franchise
75
What are the disadvantages of franchising?
* Fees can be expensive * You can’t run the business the way you want to
76
What are the three types of economic systems?
* Centrally planned * Capitalism (Free Market) * Mixed
77
What are Canada’s economic goals?
* Keep the economy growing over time (measured by GDP) * Limit unemployment (measured by unemployment rate) * Keep prices stable (measured by inflation rate)
78
What are the benefits of international business?
* Access to many markets outside of Canada * Cheaper labour reduces production costs * Increased quality of goods * Access to resources
79
What are the social costs of international business?
* Outsourcing * Human rights and labour abuses * Environmental degradation
80
How do you measure business success?
* Increasing Profit * Employee Satisfaction * Personal Satisfaction
81
What is the profit equation?
Revenues - Expenses = Profit
82
Why do businesses fail?
* Lack of Demand * Lack of Skill/Knowledge * Forgetting your Roots * Expanding Too Quickly * Lack of Capital * Inability to Stay Competitive

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