Midterm Objectives Flashcards
(18 cards)
Main goals of Canadian Business
Business - organization that sells goods or services to eat profit
Factors of Production
Labour Capital Entrepreneurs Natural Resources Information
Command Economy
Government controls all factors of production
Market Economies
Individuals and businesses control factors of production
Government and Business in Canada
Consumer Competition Regulator Taxation Agent Provider of incentive ms Provider of essential services
Demand
Willingness and ability of buyers to purchase a good or service
Supply
Willingness and ability of buyers to purchase a good or service
Degrees of competition
Perfect competition
Monopolistic Competition
Oligopoly
Monopoly
Fiscal and monetary policies
Look it up
PESTEL
Political Economic Socio-culture Technological Environmental Legal
Social responsibility
Way a firm attempts to balance its commitments to organizational stakeholder
Stakeholders
Investors
Employees
Customers
Local communities
Four approaches to social responsibility
Obstructionist
Defensive
Accommodative
Proactive
Entrepreneurs
Independence
Assume risks
Entrepreneurial process
Opportunity
Resources
Bootstrapping - doing more with less
Strategies for becoming a business manager
Start from starch
Buy an existing business
Buy a franchise
Four reasons for success small business
Luck
Managerial competence
Hard work, drive, dedication
Market demand for products
Four reasons for small business failure
Managerial incompetence
Neglect
Weak control systems
Insufficient capital
