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Flashcards in Chapter 1 Deck (27):
1

Business

An organization that strives for a profit by providing goods and services desired by its customers

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Goods

Tangible items manufactured by businesses

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Services

Intangible offering of businesses that can't be touched or stored

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Standard of living

A country's output of goods and services that people can buy with the money they have

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Quality of life

the general level of human happiness based on such things as life expectancy, educational standards, health, sanitation, and leisure time

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Risk

the potential for losing resources, most commonly time and money, or otherwise not being able to accomplish an organization's goals

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Revenue

The money a company earns from providing services or selling goods to customers

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Costs

Expenses incurred in creating and selling goods and services

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Profit

the money left over after all expenses are paid

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Not-for-profit organization

An organization that exists to achieve some goal other than the usual business goal of profit

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Transfer payment

Payments made to the provinces and territories by the federal government to help to deliver required services such as health and education, and to help equalize the wealth across Canada

12

Patent

A form of protection (limited monopoly) established by the government for inventors; it gives an inventor the exclusive right to manufacture, use, and sell an invention for 20 years

13

Copyright

A form of protection established by the government for creators of works of art, music, literature, or other intellectual property; it gives the creator the exclusive right to use, produce, and sell the creation during the lifetime of the creator and extends these rights to the creator's estate for 50 years thereafter

14

Trademark

the legally exclusive design, name, or other distinctive mark that a manufacturer uses to identify its goods in the marketplace

15

Bankruptcy

The legal procedure by which individuals or businesses that cannot meet their financial obligations are relieved of some, if not all, of their debt

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Deregulation

The removal of rules and regulations governing business competition

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Tort

A civil or private act that harms other people or their property

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Consumerism

A movement that seeks to increase the rights and powers of buyers vis-a-vis sellers

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Product liability

The responsibility of manufacturers and sellers for defects in the products they make and sell

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Strict liability

A concept in product-liability laws under which a manufacturer or seller is liable for any personal injury or property damage caused by defective products or packaging that does not meet industry standards

21

Cartel

An agreement between enterprises to lessen competition

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Monopoly

A situation where there is no competition and the benefits of a free market are lost

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Income taxes

Taxes that are based on the income received by businesses and individuals

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Property taxes

Taxes that are imposed on real and personal property based on the assessed value of the property

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Payroll taxes

Income taxes that are collected by the employer and remitted to the federal government, usually in the form of a deduction from the employee's pay

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Sales taxes

Taxes that are levied on goods and services when they are sold; calculated as a percentage of the price

27

Excise taxes

Taxes that are imposed on specific items such as gasoline, alcoholic beverages, and tobacco