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Description
Flashcards by Hanin Lewa, updated more than 1 year ago
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Created by Hanin Lewa
over 8 years ago
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| Question | Answer |
| What is business? | -all profit seeking activities and enterprises that provide clients with goods and services -necessary for the economic system -exchange between buyer and seller |
| what are profits? | rewards for risks taken by business people to provide wanted goods and services for customers. -financial gain; diff between expenses and revenues |
| Non-for-profit organisations? | organisations that aim for public service rather than profits for owners: usually funded by donors such as the government for the benefit of society. |
| Attributes of a good manager? | creativity, leadership, vision, critical thinking |
| What makes up an admired Company? | profitability, new product development, growth, etc ethics, social responsibility, worker satisfaction, etc (BENEFICIAL TO SOCIETY) |
| what are natural resources? | Everything that nature offers: agricultural land, forests, oil, building sites, mineral deposits. |
| What is corporate social responsibility? | ethics, social responsibility, worker satisfaction, etc |
| Capital is...? | inputs consisting of technology, tools, information, and physical facilities. What is needed to have a successful business. |
| human resources | employees who work towards the success of a business for an entrepreneur. |
| entrepreneurship is | the willingness to take risks in order to earn profit in exchange of goods and services. |
| what sets not-for-profits apart from other businesses | -its not for profit and its beneficial for society |
| what are the 2 components of a human resource? | knowledge and skill |
| what are the 4 descriptive elements of entrepreneurship ? | -negotiating with others -managing -organizing a company -creating goods and services (MCON) |
| what ratio defines economic productivity? | output/input=economic productivity products and services/ factors of production |
| you make 5 cups of lemonade, it costed you 7 dollars to make them, and you sold each cup for 3 dollars. This is a bad economic performance. true or false? | false 15/7= a positive economic performance |
| what are the 6 eras of business? | colonial industrial revolution industrial entrepreneurship production marketing relationship |
| what was the colonial era? | agriculture and trade land was essential ^ natural resourse |
| what is the industrial revolution? | -machinery cam into place -mass production- steam engine -mass production by semiskilled workers aided by machines |
| what is the industrial entrepreneurs era? | increased demand for manufactured goods, giving entrepreneurs more opportunities |
| what is the production era? | -producing more, faster. -leads to production innovations such as assembly lines. |
| what is the marketing era? | fitting customers needs |
| relationship era? | benefits from deep ongoing professional links with customers, partners, businesses and suppliers |
| customer orientation? | when there are unmet wants and needs, and entrepreneurs create a product to fit those wants and needs |
| what is branding? | creating and identity for goods and products that sets you apart |
| transaction management? | creating a product in hopes it will fit the customers needs and enough customers would buy the product, enough to cover costs and earn profits. |
| what is capitalism/private entrepreneurship system? | an economic system in which firms are rewarded for being economically good to the demands of the customers. |
| what is competitive differentiation? | firms setting themselves apart from other firms who make similar products |
| what is relationship management? | having mutual and beneficial links with other organisations/firms/businesses and customers. |
| what is a partnership? | 2 or more companies partnered for the same goals |
| strategic alliance is..? | partnership for competitive advantage |
| what are the 4 business trends? | -aging of the population -new developing economies -temporary jobs -technology |
| how does aging population affect human resources (F.O.P)? | new entrepreneurial opportunities; baby boomers of population, lots of people getting older; retirements; less workers. |
| how does aging population affect capital? | less money/savings in the bank for borrowers to borrow |
| what are the 4 types of capital? | money, technology, tools and physical facilities? |
| what is the percentage of small businesses in canadas economy? | 95% |
| why is business important in canadian economy? | businesses make lots of profit. businesses make most of our employment opportunities and products that we enjoy everyday. |
| supply and demand is...? | supply is the ability to provide goods and services. demand is the ability and willingness to buy the goods and services. |
| what is a demand curve? | at a given price, how much the customers are willing to purchase. price in relations to quantity. |
| what is a supply curve? | the quantity suppliers are willing to provide for a given price. |
| what is equilibrium? | where the supply and demand curves meet. current price for an item. |
| what kind of economic system does canada have? | capital system/ private enterprise system |
| what is a monopoly? | a business with no competition. |
| pure competition? | a lot of competition. lots of places that provide similar goods services. |
| monopolistic competition | -lots of competition between sellers, who sell similar products, but less in comparison to pure competition. harder to get into. ex. phones, laptops, few businesses that provide similar goods and services. |
| oligopoly is...? | few competitors in the market structure, high start-up costs as barriers to keep out new competitors. bell or rogers |
| regulated monopoly is...? | a firm that is granted exclusive rights by the government. |
| what is a planned economy? | An economic system in which profit, business ownership and resource allocation are shaped by a plan to meet government goals rather than individual goals. |
| what are 2 kinds of a planned economy? | socialism and communism |
| what is socialism? | where government owns and operates major industries such as telecommunications. |
| what is communism? | an economic system where all property is shared equally by people in the community under direction of a strong central government. |
| what is a small defined as? | independent businesses with less than 100 employees and less than 2 million dollars of revenues. |
| small businesses account for how much of the employment? | two-thirds |
| what are the 5 canadian industries? | non constitutional health care, forestry, accommodation and food, construction and other services. |
| what is a trade deficit? | when imports exceed exports |
| what is a trade surplus? | when exports exceed imports |
| What are the percentages for closing down after one year, closing permanently after 3 years and failing after 5 years. | 4 percent, 15 percent 30 percent |
| what are the 3 reasons that small businesses fail? | management inexperience inadequate financing meeting government regulations |
| what are the 4 forms of private business owner-ships? | sole proprietorship partnerships corporations not-for-profit organizations |
| Whats the difference between an entrepreneur and a manager? | -entrepreneur takes risks to provide goods and services for customers to seek profit. -a manager aims for a goal set by the entrepreneur. |
| what is franchising? | franchising is a business agreement between the supplier (franchiser), and the dealer (franchisee) to produce and market the goods and services. |
| what are advantages of franchising? | -prior performance record -proven business model -tested management program -savings on volume purchases -branding - recognized company |
| what are the disadvantages of franchising | - Link to reputation - Tight control -Agreement Restrictions -Royalties -Start up fees |
| entrepreneurs are...? | risk takers who see and opportunity to be profitable and be responsible with resources and aim for goals; main one being growth. |
| what are the 3 types of entrepreneurs? | Classic, serial and social |
| what is a classic entrepreneur? | a risk taker |
| what is a serial entrepreneur? | create many businesses- bigger risk takers |
| what is a social entrepreneur? | risk takers who see problems in society and find solutions to benefit society and solve these problems- usually for non-for-profit organisations. |
| for what reasons do people choose entrepreneurship as a career path? | -wanting to be their own bosses (being independent) -fulfilling customer needs -not liking your own day job -profitability |
| what are the 4 advantages of being an entrepreneur? | -self-management-being your own boss -financial success- wealth creators and idea generators -job security- you don't risk being fired -quality of life- working when, where and how you want |
| what 2 basic requirements drive success for entrepreneurship? | quality for firm's resources (any valuable resource) and quality market opportunity (competition and demand/need/want for a product) these are equal to the potential entrepreneurial success |
| how do you expand you entrepreneurial opportunities? | -education -demographics and economics -globalization -info tech |
| what is the gross domestic product? | how much goods and services are produced and sold in a specific amount of time in a country. |
| what are the four stages of the economic cycle? | prosperity, recession, depression, recovery. |
| what is inflation, core inflation and deflation? | inflation- rising prices of goods and services core inflation- rising prices of goods and services excluding food and energy deflation- opposite of inflation-falling prices |
| CPI(consumer price index) is...? | measuring changes in prices |
| unemployment rate is...? | measuring the percentage of people that are unemployed but are searching for a job |
| what are the different types of unemployment? | structural, season, frictional and cyclical |
| what is seasonal unemployment? | having a job for one season and not for another |
| what is cyclical unemployment? | unemployment as a result of recession and depression. |
| what is frictional unemployment? | looking for a job, temporarily not working |
| what is structural unemployment? | unemployment that is caused by the lack of demand for specific skills |
| what are the 2 types of economic policies that the government has? | monetary and fiscal |
| what is a monetary policy? | (central bank)- control interest rates and manage or change amount of money in economic system. (printing more money for example) |
| what is fiscal policy? | government purchasing/spending and taxes (politicians- minister of finance) |
| what is expansionary and restrictive monetary policy? | expansionary: desire to supply more money by lowering or decreasing interest rates restrictive: desire to lower borrowing rates by increasing interest rates |
| why does international trade occur? | -boosts economy -expands marker -less reliance on economy of home nations -more efficient production system |
| what is balance of trade? | (Exports - Imports)= balance pf trades |
| What influences the changes in currency rates? | -Domestic Econ. and Political conditions -Central bank interventions -Anticipation of future currency value -Balance of payment position (surplus vs deficit) |
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