Defintions

Question 1

Standard of Living

Answer 1

Measured by the amount of outputted goods and services

Question 2

Quantity Life

Answer 2

Human Happiness - Health, Education, Leisure Time, Life Expectancy

Question 3

Economics

Answer 3

Is how well you allocated your resources

Question 4

Capitalism

Answer 4

Government has no control

Question 5

Communism

Answer 5

Government controls everything

Question 6

Socialism

Answer 6

Basic industrial are owned by government of private sector

Question 7

Mixed Economy

Answer 7

More the one economic system is adopted. Taxes are paid so government can provide social benefits and run certain aspects of economy

Question 8

GDP

Answer 8

Gross domestic product. Value of goods and services for a year

Question 9

Prosperity

Answer 9

Economy is growing

Question 10

Recession

Answer 10

Economy is declining

Question 11

Price Stability

Answer 11

Prices stay same for long period of time

Question 12

Consumer Price Index

Answer 12

The rate of inflation

Question 13

Economic Indicators

Answer 13

Tells you about economy. Leading the future. Legging the past.

Question 14

Monetary policy

Answer 14

The Bank of Canada helps to raise or lower interest rates

Question 15

Fiscal Policy

Answer 15

Governments use spending power to help increase or decrease total supply of money

Question 16

Perfect Competion

Answer 16

Many competitors not one can affect price

Question 17

Monopolistic

Answer 17

Many sellers with similar products

Question 18

Oligopoly

Answer 18

Few sellers that control a large market

Question 19

Monopoly

Answer 19

One seller in market

Question 20

Feature

Answer 20

Is something that comes with physical service or good

Question 21

Benefit

Answer 21

The happiness you receive from goods

Question 22

Absolute Advantage

Answer 22

Can produce a whole product more efficiently

Question 23

Comparative Advantage

Answer 23

Can produce good or service at lower opportunity cost

Question 24

Opportunity Cost

Answer 24

What must be given up to obtain something that is desired

Question 25

Natural Barrier

Answer 25

A physical or cultural barrier

Question 26

Tariff Barrier

Answer 26

A tax imposed to limit the amount of imports

Question 27

Non-Tariff Barriers

Answer 27

Barrier that states an amount that is limited on a good that is imported

Question 28

Dumping

Answer 28

Lower price of good in foreign market

Question 29

Market Penetration

Answer 29

Selling more products in existing market

Question 30

Market Development

Answer 30

Selling existing products in new markets

Question 31

Product Development

Answer 31

Selling new products in existing markets

Question 32

Diversification

Answer 32

Selling new products in new markets

Question 33

Limited Liability

Answer 33

Most often corporations Prevents shareholders and owners for being held responsible for company’s debts or losses

Question 34

Unlimited Liability

Answer 34

Sole Proprietorships and Partnerships Will be held responsible for debts or financial losses

Question 35

Division of Labour

Answer 35

Dividing up tasks

Question 36

Departmentalization

Answer 36

Grouping jobs and employees

Question 37

Delegation

Answer 37

Assigning responsibilities

Question 38

Autocratic Style

Answer 38

Making decisions on own without input from others

Question 39

Democratic Style

Answer 39

Makes decisions consulting team

Question 40

Free - Rein Style

Answer 40

Hands off allows employees to be self directed and make decisions

Question 41

Economic Downturn

Answer 41

Entire industry is seeing profit loss

Question 42

Double Taxation

Answer 42

Company pays taxes on profits and shareholders pay taxes on dividends

Question 43

Benchmarking

Answer 43

Looking at a companies performance

Question 44

Mergers and Acquisitions

Answer 44

A combined company value is more then the two on there own

Question 45

Horizontal Intergration

Answer 45

Merging with another company

Question 46

Vertical Intergration

Answer 46

Gaining control of production and distribution of product

Question 47

Command Economies

Answer 47

Socialism and communism

Question 48

Market Economies

Answer 48

Capitalism and market

Question 49

Balance of Trade

Answer 49

Value of exports minus imports

Question 50

Continuity

Answer 50

Readiness to maintain critical function after an emergency or disruption

Question 51

Input Markets

Answer 51

Firms by resources from households

Question 52

Output Markets

Answer 52

Households buy goods and services from firms

Question 53

Agency Problem

Answer 53

Conflict of interest between doing what best for company vs self interest

Question 54

Cooperatives

Answer 54

Businesses owned and controlled by memebers

Question 55

Competition Act

Answer 55

Promotes competition in Canada

Question 56

Mixed economies attempt to

Answer 56

Meet social goals and creating pensions

Question 57

Buyer Cooperatives

Answer 57

When members combine purchasing power Increases power and efficiency

Question 58

Seller cooperatives

Answer 58

When two smaller producers join to compete against a larger producer