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Business > Unit One > Flashcards

Unit One Flashcards

1
Q

Needs

A

Goods and services you must have to survive/necessities.

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2
Q

Why is Abraham Maslow important? And what did he develop?

A

His ideas and theories about human psychology are heavily applied in the world of business today, and he developed a “hierarchy of needs”.

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3
Q

What are the hierarchy needs from low order to high?

A

Physiological(eating, sleepy), safety and security, love and belonging, esteem and recognition, self actualization.

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4
Q

What is a business?

A

An organization that produces or sells good or services to satisfy the needs, wants, and demands of consumers.

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5
Q

Name three types of businesses

A

Local, national, and multinational

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6
Q

Essential goods

A

Things needed for survival (food, clothing, shelter, heating, water)

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7
Q

Luxury goods

A

Enjoyable but not necessary for survival(pool, spa, limo rides, Starbucks Frappuccino’s)

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8
Q

What is the difference between goods and services?

A

Goods are tangible(can be seen and touched) however, services do not result in a product and are intangible.

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9
Q

What is a Not-For-Profit Organization(NFP)

A

An organization that does not seek to make a profit from the operations of its business.ex. CYAN

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10
Q

Economic resources

A

Resources needs to provide goods/services to consumers.

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11
Q

Why are the factors of productions(economic resources)?

A

Natural Resources

-raw materials that come from the earth, water and air.

Human Resources

-The people who work to create the goods and services.

Capital Resources

-Resources that last for a long period of time and require investment in the part of the business

Entrepreneurial Skills

-the person who takes the initiative to combine the other resources to produce goods.

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12
Q

What happens if there isn’t enough of an economic resource?

A
  • Price if the good or service increases.

- Alternatives must be found for the resource.

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13
Q

Invention

A
  • The creation of Something New

- A product or process that does something that has never been done before

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14
Q

Name examples of inventions

A 
Internet 
Telephone 
Airplane
Wheel
Light Bulb 
Automobile
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15
Q

Innovation

A
  • A change to something that already exists

- Using a new technology, materials or process to improve existing products.

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16
Q

Name some innovations

A

Cellular phone, hybrid cars, Lululemon leggings.

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17
Q

What inspires inventions and innovations to happen?

A

They usually happen by accident or by design. They often solve “what if” questions.

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18
Q

What are some things innovators do to improve a product?

A
  • Change how it’s used
  • Change the packaging
  • Change the design
  • Change the manufacturing process
19
Q

What are some good qualities of inventions and innovations?

A
  • Simplify tasks
  • Speed up processes
  • Make us more comfortable
  • Improve safety
  • Allow is to do new things
  • Lead to new discoveries
  • Allow more products to be invented
20
Q

How do innovators and inventors protect their creations?

A
  • Patents
  • Copyright
  • Trademarks
  • Licensing
21
Q

Patents

A
  • Grant made by the government that gives the creator of an invention the sole right to make, use, and sell the invention for a set period of time.
  • They last for 20 years in Ca
  • Ex. Dry Fit, Nike Air technology
22
Q

Copyright

A
  • Protects literary works, musical works, artistic works, and software.
  • Last for 50 years after the death of the creator of the work
  • eg. Internet articles, school plays, songs, etc.
23
Q

Trademarks

A

Words, symbols, or designs( or combination) used to identify a product or service and distinguish it from its competitors.

  • Last for 15 years and can be renewed every 15 years thereafter
  • e.g. Nike ‘swoosh’ or Tim Hortons ‘always fresh’
24
Q

Licensing

A

The inventor allows another business to use his or her invention for a fee(called a royalty) ex. The blue jays let the clothing designers go use their logo for a price.

25
Q

Demand

A

The quantity of goods or service that consumers are willing and able to buy at a particular price.

26
Q

What is the law of demand?

A

Usually consumers will increase the quantity they demand of a good or service as the price decreases.

27
Q

What creates demand?

A
  1. Consumer is aware and interested in the good.
  2. There is ‘supply’ of the good/Service.
  3. Price is reasonable and competitive
  4. The customer can access the good
28
Q

What will change demand?

A
  • Change in consumer income
  • Change in consumers’ tastes
  • Change in what we expect in the future.
  • Change in population
29
Q

Supply

A

The quantity of a good or service that businesses are willing and able to provide within a range of prices.

30
Q

What is the law of supply?

A

Usually as prices increase, the producers will increase the quantity of goods they provide.

31
Q

What changes the quantity supplied?

A
  • A change in the number of producers.
  • A change in the price of related goods
  • Change in technology
  • Change in cost of production
32
Q

Surplus

A

When supply is greater than demand=product left over.

33
Q

Shortage

A

When demand is greater than supply=more products needed

34
Q

Equilibrium

A
  • No surplus or shortage

- Demand=supply at the equilibrium point

35
Q

What are the 3 basic economic questions?

A
  1. What will be produced?
  2. How will it be produced?(who makes this choice?)
  3. For whom will it be produced?
36
Q

What are the three types of economy?

A

Centrally planned(communism), mixed(central and market), Market(free enterprise/Capitalism)

37
Q

What will be produced? With mixed, market, and centrally planned economies.

A

Essentials and Wants, wants, essentials.

38
Q

Who will decide how it’ll be produced? Mixed, market, and centrally planned.

A

Government and Business, business, government.

39
Q

For whom will it be produced? Mixed,Market, centrally planned.

A

Government and people who can afford it, people who can afford it, government.

40
Q

What is a traditional economy?

A

When beliefs, customs, religion, and tradition shape what goods and services the economy produces.

  • bartering occurs ( trading goods)
  • little surplus is produced(only make what’s needed) ex.the Inuit, parts of Haiti
41
Q

Entrepreneur

A

Entrepreneurs start their own venture to solve a problem or take advantage of an opportunity.

42
Q

What is an enterprise person?

A

Enterprising people do not start their own venture, they contribute to other people’s venture.

  • they bring entrepreneurial characteristics to their work place.
  • They often save businesses time and money and create new ideas .
43
Q

What are some characteristics of entrepreneurs?

A
  • Risk Taker
  • Perceptive
  • Curious
  • Imaginative
  • persistent
  • Hard Working
  • Goal setting
  • Self Confident
  • Flexibility
  • Independent
44
Q

Wants

A

Goods and services that are not necessary for survival ex. PSL

Business (3 decks)

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