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ADMS 1000 Final Flashcards

1
Q

Types of Economic Environment

A

Individual
Business
Government

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2
Q

Individual Economic Environment

A

Work
Spending Money
Pay Taxes

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3
Q

Business Five Factors of Production

A

Natural Resources
Labour
Capital
Knowledge
Entrepreneurs

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4
Q

Government Economic Environment

A

Creates Laws
Promotes Tax Credits
Ensure Qualified Labour

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5
Q

How to Analyze Economy

A

Micro
Macro

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6
Q

Microeconomics

A

Individual Decisions

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7
Q

Macroeconomic

A

Global stuff

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8
Q

Types of Economic System

A

Market Economy
Communism
Socialism
Mixed Economy

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9
Q

Market Economy

A

Capitalist Economy/Private enterprise
Free market system
Individuals can decide to be employees or owners

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10
Q

Communism

A

Government Owned
Decisions made centrally

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11
Q

Socialism

A

Government large ownership or control over major essential industries

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12
Q

Mixed Economy

A

Canada
Government=partly socialist
In control of certain industries and lands

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13
Q

Types of Competitions

A

Perfect
Monopoly
Oligopoly
Monopolistic

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14
Q

Perfect Competition

A

Barriers to Entry - None
#of Sellers - Many
Firm Price Setter- No
Product Differentiation - None
Size of Firms - Small to Medium

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15
Q

Monopolistic

A

Barriers to Entry - Low
#of Sellers - Many
Firm Price Setter - No
Product Differentiation - Small
Size of Firms - Small to Large

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16
Q

Oligopoly

A

Barriers to Entry - High
#of Sellers - Few
Firm Price Setter - Yes
Product Differentiation - Some
Size of Firms - Large

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17
Q

Monopoly

A

Barriers to Entry - No Entry
#of Sellers - One
Firm Price Setter - Yes
Product Differntiation - None
Size of Firms - Large

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18
Q

Goal of Canada’s Economic System

A

Economic Growth
Economic Stability
Employment

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19
Q

The Business Cycle

A

Expansion
Peak
Contraction
Recovery

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20
Q

Measuring Economic Growth

A

GDP
GNP
Real GDP
Nominal GDP

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21
Q

GDP

A

Value of all final goods and services produced within a country’s borders

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22
Q

Real GDP

A

GDP adjusted to reflect the effects of inflation

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23
Q

Nominal GDP

A

Is not adjusted for inflation

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24
Q

Productivity

A

Output vs input

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25
Q

The Balance of Trade

A

Trade Surplus
Trade Deficit

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26
Q

Balance of Trade

A

Value of all goods and services a country exports minus value of imports

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27
Q

Trade Surplus

A

Exports more than imports

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28
Q

Trade Deficit

A

Imports more than exports

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29
Q

Types of Government Debt

A

National debt
Provincial debt
Municipal debt
Budget deficit

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30
Q

Debt

A

Existing/outstanding debt owing

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31
Q

Deficit

A

Negative difference between tax revenue (cash in) and government spending (cash out)

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32
Q

National Debt Importance

A

Impacts amount of tax dollars available to spend
Affects interest expense
How money the government has left

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33
Q

Why Debt Bad

A

Lower country credit rating
Austerity program cuts
Less efficient use of time
The doctrine of Richardian equivalence

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34
Q

The doctrine of Ricardian
equivalence

A

Make people to believe taxes will be raised in the future
People save money causing a worse economic problem

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35
Q

Types of Unemployment

A

Frictional
Cyclical
Structural
Seasonal

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36
Q

Frictional Unemployment

A

Normal labour market turnover, not a downturn in the economy

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37
Q

Cyclical Unemployment

A

Pace of the economy or business cycle

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38
Q

Structural Unemployment

A

Available jobs do not corresponds to the skill of labour force
Unemployed individuals do not live in a region where jobs are available

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39
Q

Seasonal Unemployment

A

Caused by seasonal nature of job

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40
Q

Industry Lifecycle Model

A

Introduction
Growth
Maturity
Decline

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41
Q

Introduction Phase Characteristics

A

High Fragmentation (H)
Uncertain market (U)
Small competitors (S)
High innovation (H)

Wiling to pay premium (W)
Entrepreneurial (E)
Lack of legitimacy (L)
Lost of R&D (L)

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42
Q

Introduction Phase Examples

A

New Tech
New Invention
New Drug
Change in a government regulation

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43
Q

Introduction Phase Summary

A

New Product, Low Sales, High Cost, Uncertain Markets, which companies focus on innovation and brand building

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44
Q

Growth Phase Characteristics

A

Dominant Design (D)
Existing Firms (E)
Product in Wider market (P)

Lower Prices (L)
Economies of scale (E)
New entrants (N)
Growing sales (G)

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45
Q

Growth Phase Standards

A

De jure standard
De Facto standard
Shakeout

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46
Q

De Jure Standard

A

Legal Mandate enforced by government or standards

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47
Q

De Facto Standard

A

Not enforced by law but widely accepted through common use

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48
Q

Shakeout

A

After a Standard is established weaker competitors are removed

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49
Q

Growth Phase Summary

A

Gains traction causing rapid growth of sales causing new competitors, which companies focus on expanding their market share and profits

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50
Q

Maturity Phase Characteristics

A

Slow Growth (S)
Lots of Advertising (L)
Intense Competition (I)
Profits (P)
Saturated Markets (S)

Price-Conscious Consumers (P)
Incremental Improvements (“New and Improved”) (I)
Price Wars (P)

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51
Q

Maturity Phase Examples

A

Mainstream businesses

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52
Q

How to Compete in Maturity Phase

A

Offer something “truly” different
Something Unexpected
Something Catches Eyes

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53
Q

Maturity Phase Summary

A

Markets are saturated causing sales to plateau, which makes pricing competitive, which causes incremental improvements

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54
Q

Decline Phase Characteristics

A

Declining Industry Sales by:
Changes in Demographics
Shifting Consumer Tastes
Technological Substitutions

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55
Q

Decline Phase Examples

A

Tabaco Industry
Cola (sugary pop) Industry
Retail Malls

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56
Q

Managing Decline Phase

A

Harvest Profits (H)
Exit Early (E)
Maintain Leadership Stance (M)
Pursue Niche Strategy (P)
Consolidate (C)

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57
Q

Decline Phase Summary

A

Consumers change preferences or Tech Subs

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58
Q

Innovation and Technology

A

Radial Innovations
Incremental Innovations

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59
Q

Radial Innovations

A

Introduces new changes to current products

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60
Q

Incremental Innovations

A

Focuses making improvements or refinements to current products

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61
Q

Cyclical Model of Technological Change

A

End of Incremental Change
Technological Discontinuity
End of Ferment
Dominant Design

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62
Q

Globalization Process Involves

A

Foreign Investment Growth (F)
One Global Economy (O)
Global Economic Integration (G)
Cross-Border Deals (C)
Economic Dependence (E)

63
Q

Encouragement of Global Business Activity

A

Pull Factors
Push Factors

64
Q

Pull Factors

A

Potential Sales Growth
Obtaining Needed Resources

65
Q

Push Factors

A

Competition
Shift to Democracy
Reduction in Trade Barriers
Improvements in Technology

66
Q

Channels of Global Business Activity

A

Collaborations (C)
Outsourcing/Offshoring (O)
Licensing /Franchising (L)
Direct Investment in Foreign Operations (D)
Exporting/Importing (E)
Mergers/Acquisitions (M)

67
Q

Exporting and Importing

A

Highest Activity
Canada exports over 40% of its production

68
Q

Licensing and Franchising

A

Owner paid a fee or royalty to distribute product

69
Q

Foreign Direct Investment

A

Purchasing assets or share of ownership of company out of country to gain management.
FDI in Canada is second highest

70
Q

Joint Ventures and Strategic Alliances

A

Agreement to Collaborate

71
Q

Benefits of Mergers and Acquisitions

A

Obtain New Markets
Obtain New Knowledge
Economics of Scale in Production

72
Q

Establishing Subsidiaries

A

Enterprises Produce Goods and Services

73
Q

Multinational Corporation

A

Businesses that engage in a form of international business

74
Q

Benefits of Multinational Corporation

A

Financial Support (F)
International Trade (I)
Relations Improved (R)
Management Expertise (M)

Technology Improvement (T)
Employment Creation (E)
Economic Development (E)

75
Q

Risks of Multinational Corporation

A

Limited Control
Profits to Home Country
Highly Centralized

76
Q

International Trade Involves

A

Logic of Trade
Mercantilism
Trade Protectionism
Promoting International Trade

77
Q

Logic of Trade

A

Free Trade = Global Efficiency and Wealth

78
Q

Free trade

A

Open markets allow equal opportunity to compete as a business

79
Q

Mercantilism

A

Trade Theory in 1500 to 1800
Economic policy of accumulating financial wealth through trade surplus

80
Q

Trade surpluses

A

Country exports exceeds imports

81
Q

Trade Protectionism

A

Protects domestic economy and businesses through restrictions on imports

82
Q

Problems with Mercantilism and Protectionism

A

Creates “one-way street” of trade

83
Q

Types of Regional Economic Integration

A

Free Trade Area
Custom Unions
Common Market
Economic Union

84
Q

Free trade area

A

Region where reduces or eliminates barriers to trade
Maintain trade policies on non-member countries
Lowest Integration

85
Q

Customs union

A

Second Most economic integration
Agreement to reduce or remove trade barriers and tariffs

86
Q

Common market

A

Coordination of Economic and Labor Polices
Third Most Integration

87
Q

Economic Union

A

Builds on previous forms
Highest Level of Integration
Harmonization of fiscal, monetary and tax policies

88
Q

Other trading

A

European Union
Asian Trading Bloc
-Asean
-Apec
NAFTA

89
Q

North American Free Trade Agreement Advantages

A

Increase in Trade and Exports
Increase in GDP
Builds Relationship
Forces other to be more competitive
More Variety
Reduced Prices
Free Market

90
Q

North American Free Trade Agreement Disadvantages

A

Competition with Locals
Increases in trade only due to Canadian low dollar
Not Tech Based Exports
Too Dependent on Trade with US
Canada cant compete
Lost jobs
Loss of Culture
Become Economic Subsidiary
No Increase of Productivity

91
Q

Business Enterprise System Determines

A

What is Produced and Distributed to society
How goods and services are produced and distributed

92
Q

Capitalism

A

Based on:
Rights of the Individual
Rights of Private Property
Competition
The role of government

93
Q

Canadian Government Structure

A

Federal
Provincial
Municipal

94
Q

Government Role

A

Tax Collector
Business Owners
Regulator

95
Q

Tax Collector

A

Revenue Taxes
Restrictive Taxes

96
Q

Types of Revenue Taxes

A

Individual Income Tax
Corporate Income Tax
Sales Tax
Property Tax

97
Q

Restrictive Taxes

A

Government is trying to control or curb an activity
e.g, alcohol, cigs

98
Q

Business Owner Crown Corporation

A

safeguarding national interests
vital to the economy
Services that could not be made by private businesses
natural monopolies

99
Q

The Regulator

A

Constraints to modify economic behavior
To protect the consumer, environment, fair competition

100
Q

Government as Guardian

A

Balance of Trade maintainment (B)
Foreign Direct Investment Encourangment (F)
Unfair Global Competition Protection (U)
Nurture Young Industries (N)
Domestic employment ay adequate levels (D)
Subsidies to compete globally Offerings (S)

101
Q

Nurture Young Industries

A

Support and protects young industries
To become strong enough to compete with foreign companies

102
Q

Encourage Foreign Direct Investment

A

Less Foreign imports = more investments in country
Increases job opportunities, growth of industry, adds capital

103
Q

Maintain a Favorable Balance of Trade

A

Trade Deficit or Surplus

104
Q

Protecting Against Unfair Global Competition

A

Undercuts = potential of domestic discouraged

105
Q

Maintaining adequate levels of domestic employment

A

Shielded locals from foreigns by imposing tariffs
Protectionist measures clash with the principles of free trade, putting governments in a difficult position of balancing domestic economic interests with global business regulations.

No job = poor

106
Q

Offering subsidies to compete globally

A

Cash,
low-interest loans,
tax breaks
WTO intervened with disputes if subsidies give domestic industries provide an unfair advantage

107
Q

Government NOT as Guardian

A

Public Confidence in Politicians Undermined (P)
Uneven Playing Field (U)
Political Agenda Promotion (P)
Benefits Few (B)
Open and Markets Contrary (O)
Dependency Creation (D)

108
Q

Deregulation

A

Reduction of # of laws and regulations
Reduction of government power

109
Q

Deregulation Benefits

A

Increased competition
Lower Prices
Improved products and services

110
Q

Deregulation Risks

A

Consumer Exploitation
Reduced Quality
Increased Consumer Prices

111
Q

Privatization

A

Removal of government involvement

112
Q

Why Governments Privatize

A

Belief in Power of Competition
Belief Private=More Efficient
No Need Public Involvement
Financial benefit from selling assets

113
Q

Challenges of Privatization

A

Stakeholder Objectives
Employees’ Objectives
Public Objectives

114
Q

Stakeholder Objective

A

Different Stakeholders have different interest and objectives

115
Q

Employee Objectives

A

Layoffs in developing and transitioning countries
Rail company in 1991 laid off around 80%

116
Q

Public Objectives

A

Public’s worry about safety
Worries about prioritization of profits over safety

117
Q

Societal Forces

A

Society
Customer Preference
Influences/Opinions
Moral/Ethical Behavior

118
Q

Business Ethics

A

Rules, Standards, Principles, or Codes giving guidelines for morally right behaviors

119
Q

Model for Making Ethical Decisions

A

Utilitarian/End-point Ethics (John Stuart Mills)
Rule Ethics

120
Q

Utilitarian or end-point ethics

A

Examine End Result
Tangible Economic Outcomes (Shareholder Profit)
Intangible Outcomes (Happiness or Friendship)

121
Q

Utilitarian or end-point ethics Limitations

A

Estimating benefits and costs to stakeholders
The “process” is ignored

122
Q

Rule Ethics

A

Based on
Rules/Principles
Religious, Family, Cultural values
What is morally acceptable

123
Q

Rule Ethics Limitations

A

Cant be applied universally
Different Perspective
Obligations overriding ethics
Rules not consistent

124
Q

Bribe

A

Something influence you to take an action, when you wouldn’t

125
Q

What is Illegal

A

Amount of the bribe
Forging documents

126
Q

Factors affecting Decisions to Engage in Ethical or Unethical Behavior

A

Culture (C)
Roles (R)
Routinization (R)
Identity (I)
Decoupling (D)

127
Q

Corporate Culture

A

Expected behaviors and goals
Code of conduct
Policies promote ethics

128
Q

Decoupling

A

Orgs hide inefficiencies by separating actions from assessments
Allows orgs to hide activities that would be wrong under examination
Employees feel okay to engage in unethical behavior

129
Q

Job Routinization

A

Creates standards
Work patterns can make people overlook ethical implications
Less scrutiny of moral aspects of decisions

130
Q

Organizational Identity

A

Strong connections lead to overlooking
Learn ethical behaviours by being with people close

131
Q

Work Roles

A

Specific jobs have specific duties
For salesperson conflict between prioritizing sales at any cost or being truthful

132
Q

Corporate Social Responsibility

A

Legal (L)
Economic (E)
Ethical (E)
Philanthropic (P)

133
Q

Economic Responsibility

A

Making Money

134
Q

Legal Responsibility

A

To Obey With Laws

135
Q

Ethical Responsibility

A

Not required by expected by society to be inline of what they consider ethical

136
Q

Philanthropic Responsibility

A

Engage in activities that improve society

137
Q

Sustainable Development

A

Split:
Development
Sustainability
People

138
Q

Triple Bottom Line Framework

A

Sustainable Reporting Tool for success beyond financial gain:
Economic
Social
Environmental

139
Q

Economic TBLF

A

Financial Statement Results:
Revenue by Sector
Research and Development Costs
Taxes Paid
Size of Org
# of Jobs/Employees

140
Q

Social TBLF

A

Compliant to Employment Laws
Business Ethics
Fair and Equitable Practices

141
Q

Environment TBLF

A

Sustainable Practices that do minimal harm to:
Water
Land
Air

142
Q

Greatest Environmental
Challenges Today

A

Over consumption of Natural Resources
Greenhouse Gas Emissions

143
Q

Fracking

A

Gas extraction involves injecting high pressure mix of water and chemical to free up oil and gas deposits

144
Q

TBL Benefits

A

Transparency
Flexibility
Satisfies more stakeholder

145
Q

Limits of TBL

A

No measurement standard
Too Subjective
Lack of Comparability

146
Q

Measuring Sustainability

A

Living Plant Index
Ecological Footprint
Index of Sustainability Economic Welfare
Genuine Progress Indicator

147
Q

Living Planet Index

A

Measures Changes to World’s Biological Diversity

148
Q

Ecological Footprint

A

Land and Sea required to meet demands of human consumption

149
Q

Index of Sustainable
Economic Welfare

A

Index that to measure both positive and negative activities that affect a society’s well-being

150
Q

Genuine Progress Indicator

A

Measure Economic Growth and Social Well-Being
Subtracts negatives

151
Q

Business Case for
Sustainability

A

Reducing costs
Reducing risks
Improving public relations

152
Q

Reducing costs

A

Reducing Packaging
Lowering Energy Use
Reducing Waste

153
Q

Obstacles for change

A

Time
Money
Lack of knowledge

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