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Definition
| An organization that offers products to satisfy society's needs and wants often in exchange for money. Those products can be goods or services. |
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Term
| 1. Question: Benefits of Studying Business? (L0 1-1 Key Takeaway) |
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Definition
1. Helps choose career
2. Improves career
3. More informed consumers and investors
4. Likely to be an influential community member
All factors lead to more fulfilling jobs, higher incomes and stronger communities. |
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| 1. Question: What do businesses provide? (L 1-2, 1-3 Key Takeaways) |
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Definition
1. Offering Valuable Goods and Services
2. Providing Employment
3. Contributing to our Standard of Living
4. Improving Quality of Life
5. Driving Innovation and Creativity |
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| 1. Question: What are the Concerns about the Impact of Business on Society (Key Takeaway) |
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Definition
1. Health and Safety Risks
2. Environmental damage
3. Community Impacts
Managers must take care to balance the pursuit of profits with social and environmental concerns. |
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Term
1. Question: The five factors of the business environment (aka external environment) consist of five factors that affect the success/failure of a business. They are:
- Note: Also know why these factors matter. |
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Definition
1. Political
2. Economic and Competitive
3. Social
4. Technological
5. International |
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Term
| 1. Definition: Environmental Scan |
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Definition
Businesses gathering information about each external factor and assess how it might impact operations.
Allows businesses to develop plans to anticipate and respond to changes. |
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| 1. Question: How do Businesses Succeed? |
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Definition
1. Understanding the target market
2. Providing a perception of value for the customer
3. Achieving financial performance
4. Creating and Innovating
5. Gaining employee commitment |
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| 1. Definition: Business Risk |
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Definition
| Any factors that can result in lower profits, precent the business achieving its goals, or even cause the business to fail. |
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| 1. Question: What are the Types of Common Risks? |
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Definition
1. Compliance
2. Financial
3. Market and Competition
4. Operational
5. Reputational
6. Technology
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| 1. Definition: Risk Management |
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Definition
| Used to identify, evaluate, and prioritize uncertainties and develop strategies to minimize and hopefully remove the risk. |
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1. Question: What are the Strategies to Deal with Risk?
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Definition
1. Risk control and Reduction
2. Risk Avoidance
3. Risk Transfer |
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Term
| 1. Question: Describe the characteristics and skills of successful employees: |
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Definition
1. Technology and Digital
2. Communication
3. Analytical Thinking, Effective Decision Making, and Complex Problem Solving
4. Adaptability and Flexibility
5. Creativity and Innovation
6. Time Management
7. Team Work
8. Leadership
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Term
| 1. Chapter Key Takeaways: |
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Definition
- Summarize some of the benefits of studying business
- Explain how business benefits society
- Identify potential societal concerns about business
- Discuss how different external factors might affect businesses and consumers
- Summarize the factors that contribute to a successful business
- Explain business risk and risk management
- Describe the characteristics and skills of successful employees
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Term
| 2. Definition: Bank of Canada (BoC) |
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Definition
| Canada's central bank, whose objective is the economic and financial well-being of Canada by creating a sound balance of growth, employment, and price stability. |
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Term
| 2. Definition: Command Economy |
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Definition
| An economic system in which the government decides what goods and services will be produced, how they will be produced, for whom the available goods and services will be produced, and who owns and controls the major factors of production |
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| 2. Definition: Competition |
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Definition
| Rivalry among businesses for sales to potential customers |
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Term
| 2. Definition: Consumer Price Index (CPI) |
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Definition
| A typically monthly rolling or yearly index that measures the changes in the prices of a fixed basket of goods and services purchased by a typical consumer in an urban area |
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| 2. Definition: Contractionary Policy |
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Definition
| The use of monetary policy by the BoC to tighten the money supply by selling gov't securities or raising interest rates |
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Definition
| Occurs when the gov't spends more money than it receives |
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Definition
| An economics statistic that tracks the decrease in price of goods and services over a period of time |
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Definition
| The quantity of a product that buys are willing to purchase at each of various prices |
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| 2. Definition: Economic System |
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Definition
| A combination of policies, laws, and choices made by governments to determine who owns and controls the factors of production |
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Term
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Definition
| The study of how choices affect the acquisition, production, and distribution of scarce resources |
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Term
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Definition
| The way in which people deal with the creation and distribution of wealth |
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| 2. Definition: Equilibrium Price |
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Definition
| The price at which the quantity demanded is exactly equal to the quantity supplied |
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| 2. Definition: Expansionary Policy |
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Definition
| The use of monetary policy by the BoC to increase the growth of the money supply |
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Term
| 2. Definition: Factors of Production |
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Definition
the resources used to create goods
and services, including natural
resources, capital, labour,
entrepreneurship, and knowledge |
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| 2. Definition: Fiscal Policy |
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Definition
| The spending and tax policies of the gov't |
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Term
2. Definition: Gross Domestic Product (GDP)
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Definition
| The total dollar value of all goods ad services produced by all people within the boundaries of a country over a set period of time |
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| 2. Definition: Gross National Product (GNP) |
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Definition
| The total market value of all final goods and services produced by a country regardless of where the goods are produced |
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Term
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Definition
| An economic statistic that tracks the increase in prices of goods and services over a period of time |
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| 2. Definition: Macroeconomics |
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Definition
| Provides an analysis of the economy as a whole; the primary areas of focus are the economic cycles, economic growth, and economic development |
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| 2. Definition: Market Economy |
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Definition
| An economic system based on competition in the marketplace in which individuals own and operate the majority of businesses that provide goods and services |
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| 2. Definition: Microeconomics |
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Definition
| Analyzes the decision making and behavior of individuals, households, and companies regarding the allocation of scarce resources |
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| 2. Definition: Mixed Economy |
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Definition
| An economic system where most land and businesses are privately owned but with various levels of gov't involvement |
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| 2. Definition: Monetary Policy |
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Definition
| The measures taken by the BoC to regulate the amount of money in circulation to influence the economy |
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| 2. Definition: Monopolistic Competition |
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Definition
| A market in situation which there are many buyers along with a relatively large number of sellers that differentiate their products from the products of competitors |
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Term
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Definition
| A market (or industry) with only one seller and barriers to keep other companies from entering the industry |
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Term
| 2. Definition: National Debt |
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Definition
| Accumulation of all previous deficits |
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Term
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Definition
| A market (or industry) in which there are few sellers |
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| 2. Definition: Perfect/Pure Competition |
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Definition
| The market situation in which there are many buyers and sellers of a product and no single buyer or seller is powerful enough to affect the price of that product |
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| 2. Definition: Producer Price Index (PPI) |
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Definition
| Measures the changes in price Canadian producers receive or pay for goods and services |
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| 2. Definition: Product Differentiation |
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Definition
| The process of developing and promoting differences between one's products and all competitive products |
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Term
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Definition
| Two or more consecutive quarters (3-month periods) of contraction in a country's GDP |
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Term
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Definition
| An economic system in which infrastructure is owned and controlled by the gov't |
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Term
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Definition
| The quantity of a product that producers are willing to sell at each of various prices |
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Term
| 2. Definition: Unemployment Rate |
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Definition
| The percentage of a country's labor force unemployed at any time; calculated as the number of unemployed divided by the number if people currently in the labor force |
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