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BIO 1103 > BUSN 1200 MIDTERM > Flashcards

BUSN 1200 MIDTERM Flashcards

1
Q

What are the 6 different types of environments in business?

A
  • Economic environment
  • Technological environment
  • Political-legal environment
  • Socio-cultural environment
  • Business environment
  • Global environment
  • Emerging challenges and opportunities
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2
Q

what is globalization?

A

The integration of markets globally

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3
Q

what are imports

A
  • Products purchased in Canada that are manufactured and shipped in from other countries
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4
Q

what are exports

A

Products made in Canada that are purchased by consumers in other countries

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5
Q

what us BRICS

A

BRAZIL (agriculture and commodities)
RUSSIA (energy supplier)
INDIA (leading service provider
CHINA (manufacturing hub)
SOUTH AFRICA (minerals and other resources

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6
Q

what is absolute advantage?

A
  • A country can produce something more cheaply or better than any other country
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7
Q

what is comparative advantage

A
  • A country can produce certain items more cheaply than it can other items
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8
Q

what are the 4 barriers of international trade

A
  • Social and cultural differences
  • Economic differences
  • Legal and political differences (protectionism, business-practice laws)
  • Business practice laws
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9
Q

what is “DUMPING”

A
  • The practice of selling goods abroad for less than a firm charges in its home market
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10
Q

what are ‘CARTELS”-

A

Associations of producers created to control supply in demand

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11
Q

what are external environments?

A
  • Factors beyond an organizations boundary that can’t be controlled
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12
Q

what is the business cycle?

A
  • The typical pattern of short-term ups and downs in an economy (peak, recession, trough and recovery)
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13
Q

what is “BOOM”

A
  • Periods of economic boom bring jobs, growth and economic prosperity
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14
Q

what is recession?

A
  • Two or more consecutive quarters in the decline of the GDP
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15
Q

what is aggregate output?

A
  • Measure of economic growth
  • Total quantity of goods and services produced by an economic system during a given period
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16
Q

what is GDP

A
  • Value of all goods and services produced by a national economy within a given period through domestic factors of production (within the country)
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17
Q

what is GNP

A
  • Value of all goods and services produced by a national economy within a given period regardless of production location (including international locations)
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18
Q

what is inflation?

A

Occurs when there are widespread price increases in an economic system

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19
Q

what is deflation

A

A period of generally falling prices

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20
Q

what are the 4 types of employment?

A

seasonal, frictional, cyclical and structural

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21
Q

what are the four factors to national competitive advantage?

A
  • Factor conditions (factor of production)
  • Demand Conditions of the consumer base
  • Related and supporting Industries
  • Strategies, structure, and rivalries of firms.
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22
Q

what are the five factors of production?

A
  • Natural resources
  • Capital
  • Human resources
  • Entrepreneurs
  • Information resources
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23
Q

what is communism (command economies)

A
  • Government owns and operates all industries
  • It makes decisions regarding distribution of resources
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24
Q

what is socialism? (command economies)

A
  • Government owns and operates all critical industries
    (utilities and major institutions)
  • Individuals own non-critical businesses
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25
Q

what is capitalism (command economies)

A
  • Encourages entrepreneurship and the private ownership of the factors of production
  • Encourages profit making as an incentive
  • Operates under the concept of supply in demand
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26
Q

what are mixed market economies? (command economies)

A
  • Combination of both command and market economies
  • No country has a pure communist, socialist, or capitalist system
  • Privatization
  • converting government firms into privately owned companies
  • Nationalization
  • the conversion of private firms into government-owned firms
  • Deregulation
  • reducing laws and government intervention
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27
Q

what are two benefits of competition?

A
  • Helps motivate businesses to operate efficiently
  • Forces business to make products better or cheaper
28
Q

what are the 4 degrees of competition

A

perfect competition, monopolistic, oligopoly and monopoly

29
Q

what is perfect competition

A
  • Has many sellers and the product is basically identical
  • Relatively easy to enter the industry
  • Individual firms have no control over the price
30
Q

what is monopolistic comp.?

A
  • Has few too many sellers
  • A differentiated brand provides the firm with some control over pricing.
31
Q

what is oligopoly comp?

A
  • A few large suppliers will dominate the market
  • Each supplier knows what the others are charging
  • Prices gravitate toward a common “market price”
32
Q

what is monopoly competition

A
  • One producer and source of supply
  • Complete control over price
  • No competitors
33
Q

what is natural monopoly?

A
  • A market or industry in which having only one producer can sufficiently meet demand
  • It is the most efficient approach
34
Q

government as provider of incentives

A

– Government provides aid and assistance to small businesses and non-profit organizations
– Incentives stimulate growth in revenues and employment
Government as provider of essential services

35
Q

government as provider of essential services

A
  • All three levels of government provide various services.
  • Highways, postal service, military, education, health services.. etc.
36
Q

3 managerial ethics

A
  • Behaviour towards employees
  • Behaviour towards the organization
  • Behaviour towards other economic entities
37
Q

what’s insider trading

A

– Using confidential (non-public) information to gain from the sale of stock
– Involves gaining knowledge of inside information about the company prior to making the purchase
– Can involve the collusion of investors buying and selling stock at the appropriate time to make huge profits

38
Q

what’s cheque kitting

A

– Illegal practice of writing cheques against money that has not yet arrived in the bank account
– A creative “cheque kiter” can write cheques from account to account with very little money to back it up
– The assumption is that the money will arrive before the cheque needs to clear

39
Q

what is misrepresentation of finances

A

– Companies must conform to accounting guidelines called generally accepted accounting principles (GAAP)
– Failure to follow GAAP in order to inflate expected profit figures can mislead investors

40
Q

what are the four functions performed by managers?

A

-planning
-leading
-organizing
-controlling

41
Q

what is top-line management responsible for?

A

overall performance of the the business

42
Q

what is middle-line management responsible for?

A

implementing decisions of top managers

43
Q

what is first-line management responsible for?

A

supervising employees

44
Q

what are strategic goals

A

long term goals. set for 5 or more years

45
Q

what are tactical goals

A

intermediate. set for 1-5 years

46
Q

what are operational goals

A

set for less than a year

47
Q

what are SMART goals?

A

Specific
Measurable
Achievable
Relevant
Time-framed

48
Q

what are mission statements?

A

– Describes how the organization will achieve its purpose (reason for being)
– Clarifies who the organization serves, what it offers, and how it will be provided
– Includes core values and ethical commitment

49
Q

what is SWOT? Analyzing the organization and its environment

A

Strengths (internal)
Weakness (internal)
Oppurtunities (external)
Threats (external)

50
Q

what is cooperate-level strategy?

A

what business will we persue? How do these businesses relate to each other

51
Q

what is business-level strategy?

A

how will we compete in our chosen area?

52
Q

what are the 4 building blocks of organizational structure

A

specialization, departmentalization, span of control and chain of command

53
Q

what is specialization

A
  • Determining who will do what tasks
  • Identifying specific jobs and who will complete them
54
Q

what is departmentalization

A
  • Determining how those tasks should be grouped together to make the workplace more efficient
  • Grouping jobs into logical movements
    increases efficiency
55
Q

what are the 5 bases of departmentalization?

A

Functional, customer, product, geographic, process

56
Q

what is fictional (Bases of departmentalization)

A

Structuring the business activities according to the functions or activities carried out in the firm. It is common in both service and manufacturing companies.

57
Q

what is functional? Bases of departmentalization)

A

Structuring the business activities according to the functions or activities carried out in the firm. It is common in both service and manufacturing companies

58
Q

what is geographic? Bases of departmentalization

A

Structuring activities according to the geographic areas served.

59
Q

what is customer? Bases of departmentalization

A

Structuring activities according to the type of customer likely to buy a given product. Advantages are described

60
Q

what is product? bases of departmentalization

A

Structuring activities according to the specific good produced.

61
Q

what is process? bases of departmentalization

A

Structuring activities according to the production process that is used to make a product

62
Q

what is span of control?

A

The number of subordinates that a manager is responsible for supervising
- wide span: many subordinates
- narrow span: very few subordinates
Complicated tasks require more supervision and a narrow span of control

63
Q

what is Flat organizational structure

A

– few layers of management
– too few = chaos and inefficiency

64
Q

what is tall organizational structure?

A

– many layers of management
– too many = rigidity and bureaucracy

65
Q
A

BIO 1103 (10 decks)

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