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BMG 100 > BMG100 > Flashcards

BMG100 Flashcards

1
Q

What is a business?

A

Individuals or organizations trying to earn a profit by providing products that satisfy peoples needs.

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2
Q

What are examples of tangible goods?

A

Things you can hold: Loaf of bread, TV, Car, Computer.

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3
Q

What are examples of services?

A

Dry cleaning, photo processing, checkups at the doctor, concerts, ski pass.

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4
Q

What is the primary goal of a business?

A

To earn profit.

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5
Q

What are stake holders?

A

Those that have a stake in the success and outcomes of a business are considered stake holders. Customers, employees, investors, government regulators, community and society.

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6
Q

What are the 4 P’s

A

Product: Picking the right product, if product doesn’t sell well, get rid of it.
Price: Selecting the right price for products. Relates to profitability.
Place: Making sure products are available for customers in the right place at the right time. Promotion: Advertising, personal selling, sales, promotion and publicity

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7
Q

Tangible Goods

A

A physical object
Ex. Cars, Phones, Clothes

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8
Q

Command economy

A

Economic system the government decides what goods and services will be produced, how, whom they are available.

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9
Q

Socialism

A

Economic system which the key industries are owned/controlled by the government. (Sweden, Israel, India).

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10
Q

Comunism

A

An economic system where all property/profits are owned by the government which decides what goods/services will be produced. (Cuba).

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11
Q

Capitalism

A

Economic system individuals own/operate majority of businesses.

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12
Q

Free-market economy

A

Economic systems in which business + individuals decide what to produce/buy and the market determines prices/quantities that are sold.

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13
Q

Mixed economy

A

Economic systems where most land/business are privately owned but with various levels of government involvement.

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14
Q

Invisible hand

A

Describes how an individuals personal gain benefits others and a country’s economy.

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15
Q

Competition

A

Rivalry among businesses for consumer dollars
Affects # of choices an individual has and the prices he/she pay for products
Helps business owners/employees to choose effective business strategies

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16
Q

Monopoly

A

One business providing a product in a given market
Ex. LCBO, SAQ, HydroOne

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17
Q

Oligopoly

A

Market/industry with few large sellers
Ex. Air Canda vs WestJet
Rogers vs Bell

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18
Q

Monopolistic competition

A

Many buyers with a large # of sellers
All competing for the same customers
Ex. Adidas, Nike

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19
Q

Pure/Perfect competition

A

Many small businesses in the same product market
Market prices determined by consumer demand
Ex. Farm, Stockmarket

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20
Q

Concept of supply and demand

A

Market situation in which there are many buyers/sellers of a product
No buyer/seller is powerful enough to affect the price of a product
Distribution of resources/products and prices are decided by supply and demand

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21
Q

Demand

A

of good services consumers are willing to buyout a given price and a specific time.

22
Q

Supply

A

of products businesses are willing to sell at a different prices at a specific time.

23
Q

Economic cycles/productivity

A

Economy expansion: Economy = growing and consumers are spending money
Economy contraction: Spending declines layoffs, economy slows down.

24
Q

Gross Domestic Product (GDP)

A

Total dollar value of goods and services produced by all people within the boundaries of a country during a 1 year period

25
Q

Consumer Price Index (CPI)

A

Monthly index that measures change in prices of a fixed basket of goods purchased by a typical consumer in a urban area

26
Q

Inflation / Deflation

A

Inflation: Tracks increase in general level of prices of goods and services over a period of time
Low inflation (2%)= Stable economy high inflation (10%)= trouble because rising prices cause loss of purchasing power
Deflation: Decrease price of goods and services
Lead to declining profit for companies or unemployment

27
Q

Depression

A

High unemployment rates
Consumer spending low

28
Q

Unemployment / Rate

A

Unemployment: % of population that want to work but are unable to find jobs

29
Q

Ethical Issue

A

An identifiable problem, solution, or opportunity that requires a person to choose from several actions, that are wrong, ethical, or unethical.

30
Q

Key ethical term: Whisleblower

A

An employee who exposes an employers wrong doing to outsiders, such as media or government regulatory agency

31
Q

Corporate Citizenship

A

Extent to which businesses meet the legal, ethical, economic, and voluntary responsibilities placed on them by stakeholders

32
Q

4 dimensions of social responsibility

A

1) Economic (Earning profits)
2) Legal (Complying with the law)
3) Ethical (Doing what is right and fair)
4) Voluntary (non required activities that promote human activities and good will)

33
Q

Why Do Nations Trade?

A

To obtain raw materials and goods that are unavailable to them in their religion but can be produced elsewhere at a lower price then they can produce themselves

34
Q

Multinational Corporation (MNC)

A

Corporation that operates on a world wide scale, without significant ties to any one nation or religion

35
Q

Absolute advantage

A

A monopoly that exist when a country is the only source of an item, the only producer / most efficient producer of an item.

36
Q

Comparative advantage

A

When a country specializes in products that it can supply more efficiently at a lower cost that it can produce other items

37
Q

Trade deficit

A

“Negative balance of trade”
Harmful because can mean failure at a business, loss of Jobs, lower standard of living

38
Q

Trade surplus

A

Nation that exports more goods than it imports
“favourable balance of trade”

39
Q

Tariff and trade restrictions

A

Part of nations legal structure
Maybe established / removed for political reasons

40
Q

Import tariff

A

A tax levied by a nation on goods imported into the country

41
Q

Exchange control

A

Regulations that restrict the amount of currency that can be bought or sold

42
Q

Quota

A

A restriction on the # of units of a particular product that can be imported into a country

43
Q

Embargo

A

A prohibition on trade for a particular product

44
Q

Dumping

A

The act of a country / business selling products at less than what it costs

45
Q

Cartel

A

Groups of firms or nations that agree to act as a monopoly and not compete with each other, in order to generate a competitive advantage in world marcels

46
Q

Trading monopoly

A

Buys goods in one country and sells them to buyers of another country
Handles all activities required to move products from one country to another

47
Q

Licensing

A

Trade arrangement where one company allows another company name, products, brands, m etc. in exchange for fee or royalty

48
Q

Franchising

A

Form of licensing where a company agrees to provide a franchise name, logo, etc. In return for financial commitment.

49
Q

Contract Manufacturing

A

Hiring a foreign company to provide a specified volume of the initiating company product to specification
Final product carries domestic firms name
common in high tech industries automotive and food

50
Q

Joint venture

A

The sharing of the costs of operations of a business between foreign company and a local partner

51
Q

strategic alliance

A

A partnership formed to create competitive advantage on a worldwide basis

52
Q

Direct investment

A

Ownership of overseas facilities

BMG 100 (1 decks)

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