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Flashcards in Chapter 1 Deck (50)
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1
Q

Revenue

A

amount of money a business takes in before expenses

2
Q

Loss

A

When a business’s expenses are more than its revenue

3
Q

Risk

A

The chance an entrepreneur takes of losing time and money on a business that may not prove profitable

4
Q

Stakeholders

A

people who stand to gain or lose by the policies and activities of a business

5
Q

Business

A

Any activity that seeks to provide goods and services to others while operating at a profit

6
Q

Profit

A

The amount a business earns above and beyond what it spends on salaries and other expenses

7
Q

Entrepreneur

A

A person who risks time and money to start and manage a business

8
Q

Outsourcing

A

Assigning various functions, such as accounting, production, security, maintenance, and legal work, to outside organizations.

9
Q

Non-profit organization

A

An organization whose goals do not include making a personal profit for its owners or organizers

10
Q

Quality of life

A

The general well being of a society in terms of political freedom, a clean natural environment, education, healthcare, safety, free time, and everything else that leads to satisfaction and joy.

11
Q

Factors of production

A

The resources used to create wealth: land, labour, capital, entrepreneurship, and knowledge

12
Q

Business environment

A

The surrounding factors that either help or hinder the development of business

13
Q

Regulations

A

Serve to carry out the purposes of or expand on the on the general laws passed by elected officials

14
Q

Technology

A

Everything from phones and copiers to computers, medical imaging devices, personal digital assistants, and the various software programs that make business processes more efficient and productive

15
Q

Productivity

A

The amount of output that is generated given the amount of input

16
Q

E-commerce

A

The buying and selling of goods and services over the internet

17
Q

Database

A

An electronic storage file in which information is kept; one use of databases is to store vast amounts of information about customers

18
Q

Identity theft

A

Obtaining personal information about a person and using that information for illegal purposes

19
Q

Empowerment

A

Giving front-line workers the responsibility, authority, and freedom to respond quickly to customer requests

20
Q

Demography

A

The statistical study of the human population with regards to its size, density, and other characteristics such as age, race, gender and income

21
Q

Baby-boom echo

A

A demographic group of Canadians that were born in the period from 1980 to 1995; the children of the baby boomers

22
Q

Baby boomers

A

A demographic group of Canadians that were born In the period from 1947 to 1966

23
Q

Goods

A

Tangible products such as computers, food, clothing, cars and appliances

24
Q

Services

A

Intangible products (products that can’t be held in your hand for example) such as education, healthcare, insurance, recreation, and travel and tourism

25
Q

Name 5 stakeholders

A
  • Fin. Institutions
  • Environmentalists
  • Suppliers
  • Employees
  • Investors
26
Q

Area of economics concerned with the overall view of the company - rather than individual markets

A

Macroeconomics

27
Q

Canada’s Crown Corporation which is in charge of economic surveying for the government

A

Stats Canada

28
Q

StatsCan provides information on these three important economic indicators

A
  • Unemployment
  • GDP
  • Inflation
29
Q

This survey measured the number of unemployed persons in Canada

A

Labour force survey

30
Q

This rate measured the number of employed as a percentage of the population

A

Employment rate

31
Q

This rate measured the unemployed as a percentage of the labour force

A

Unemployment rate

32
Q

This is the general increase in prices of most essential items over time

A

Inflation

33
Q

This index measures inflation

A

Consumer price index

34
Q

Demand increases because consumers think that prices will increase

A

Inflationary psychology

35
Q

National accounts provides us with this on a quarterly and annual basis

A

GDP ( Gross domestic product)

36
Q

National accounts measured the level of business activity which is an indication of this…

A

Standard of living

37
Q

This is a short term decline in GDP which indicates a slump in economic activity

A

Recession

38
Q

This is a long lived slump in economic activity

A

Depression

39
Q

This rate is calculated by dividing the labour force by the total population

A

Participation rate

40
Q

This describes a situation when a worker is employed l, but not fully utilizing their skills - or not working full time hours

A

Underemployed

41
Q

These people are not actively seeking employment

A

Hidden unemployed

42
Q

A type of unemployment that results from a lack of overall spending in the economy

A

Demand deficient

43
Q

This is also called “Job search unemployment” (when someone leaves a job in search of a better one)

A

Frictional unemployment

44
Q

When people are unemployed because there is not work in their field during a particular time of the the year

A

Seasonal unemployment

45
Q

Type of unemployment that results from a mismatching of the demand for and the supply of workers on an occupational or geographical basis

A

Structural unemployment

46
Q

When worker see employment insurance as a better alternative to working

A

Insurance induced unemployment (or sunny corner dream)

47
Q

This is a type of inflation that occurs when consumers demand more of a product - either because they are making money or they except the price of that product to increase

A

Demand pull

48
Q

Type of inflation that results when producers pas additional costs to the consumer - which increase the price of the final product

A

Cost push inflation

49
Q

Type of inflation caused by industries raise the prices of their products, even when prices are not increasing in other markets

A

Structural inflation

50
Q

Direction flow of money in the economy - from the business sector to households and back again

A

Circular flow