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Intro to Business 1 > Book Notes - Chapters 1, 17, 2, 5, 3 > Flashcards

Book Notes - Chapters 1, 17, 2, 5, 3 Flashcards

1
Q

Transfer Payments

A

Payments made by the federal gov’t to provinces and territories to deliver req’d services (education, health) and to equalize wealth across Canada

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2
Q

Three Levels of Gov’t

A

Federal
Provincial/Territorial
Municipal

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3
Q

Patent

A

Form of protection by the gov’t for inventions: right to manufacture, use and sell for 20yrs

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4
Q

Copyright

A

Form of protection by the gov’t for: art, music, literature & other intellectual property. Protects for the lifetime of the creator + 50 years thereafter.

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5
Q

Trademark

A

Legally exclusive design, name or other distinctive mark that is used to identify products

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6
Q

Bankruptcy

A

Legal procedure by which individuals/businesses fail to meet financial obligations are re-leaved of some, if not all debt.

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7
Q

Deregulation

A

The removal of rules and regulations governing business competition

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8
Q

Tort

A

A civil or private act that harms other people or their property (Physical injury, emotional distress, invasion of privacy or defamation)

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9
Q

Consumerism

A

A movement that seeks to increase the rights and powers of buyers in relation to sellers

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10
Q

Express Warranties

A

Specific statements of fact, promises about a product by a seller

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11
Q

Implied Warranties

A

Not written or oral: example, individual purchases vehicle and next day transmission falls out. This would be covered under Implied Warranties.

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12
Q

Product Liability

A

Responsibility of manufacturers and sellers for defects in the products they make/sell

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13
Q

Strict Liability

A

Concept in product liability laws under which manufacturer/seller is liable for personal injury or property damage caused by defective products that did not meet industry standards

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14
Q

Cartel

A

Agreement between enterprises to lessen competition

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15
Q

Monopoly

A

No competition - benefits of a free market are lost

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16
Q

Income Taxes

A

Taxes based on the income received by businesses and individuals

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17
Q

Property Taxes

A

Taxes imposed on personal property based on assessed value

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18
Q

Payroll Taxes

A

Income taxes collected by the employer and remitted to the government. Usually a form of deduction from the employees pay

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19
Q

Sales Tax

A

Taxes levied on goods and services when they are sold - calc as % of price

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20
Q

Excise Tax

A

Taxes that are imposed on specific items, such as: Gas, Tobacco and Alcohol

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21
Q

Economics

A

Study of how a society uses scarce resources to produce and distribute goods and services

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22
Q

Microeconomics

A

The sub area of Economics that focuses on an individual parts of the economy such as households or businesses

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23
Q

Macroeconomics

A

The sub area of Economics that focuses on the economy as a whole by looking at aggregate data for large groups of people companies or products

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24
Q

Factors of production

A

Resources used to create goods and services including natural resources labor Capital entrepreneurship and knowledge

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25
Q

Labor

A

Economic contributions of people

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26
Q

Capital

A

The input such as tools, Machinery, equipment, and buildings, used produce goods and services to the customer

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27
Q

Entrepreneurs

A

People who combine the inputs of Natural Resources, labor, and capital to produce goods or services with the intention of making a profit or accomplish a thing a non-for-profit goal

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28
Q

Entrepreneurial thinking

A

Thinking like an entrepreneur even by those who work in a company

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29
Q

Knowledge

A

The combined talents and skills of the workforce

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30
Q

Circular flow

A

The movement of inputs and outputs among households, businesses, and governments; a way of showing how the sectors of the economy interact

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31
Q

Economic system

A

The combination of policies, laws, and choices made by a nation’s government to establish the systems that determine what goods and services are produced and how they are allocated

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32
Q

Market economy

A

An economic system based on the competition in the marketplace and private ownership of the factors of production, resources, also known as the private enterprise system or capitalism

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33
Q

Command economy

A

An economic system characterized by government ownership of virtually all resources and economic decision making by central government planning, also known as planned economy and Central planning

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34
Q

Socialism

A

A social and economic system in which the basic Industries are owned either by the government or by the private sector under strong government control

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35
Q

Mixed economies

A

Economies that combine several economic systems, for example, and economy in which the government owns certain industries but the private sector owns others

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36
Q

Market structure

A

The number of suppliers in a market

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37
Q

Perfect (pure) competition

A

A market structure in which a large number of small businesses sell similar products, buyers and sellers have good information, and businesses can be easily open or closed

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38
Q

Monopolistic competition

A

A market structure in which many businesses offer products that are close substitutes and in which entry is relatively easy

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39
Q

Oligopoly

A

A market structure in which a few companies produce most or all of the output, and in which large Capital requirements or other factors limit the number of companies

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40
Q

Pure Monopoly

A

A market structure in which a single Company accounts for all industry sales and in which there are barriers to entry

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41
Q

Barriers to entry

A

Factors, such as technological or legal conditions, which prevent new companies from competing equally with a monopoly

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42
Q

Demand

A

The quantity of a good or service that people are willing to buy at various prices

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43
Q

Demand curve

A

A graph showing the quantity of a good or service that people are willing to buy at various prices

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44
Q

Supply

A

The quantity of a good or service that businesses will make available at various prices

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45
Q

Supply curve

A

A graph showing the quantity of a good or service that a business will make available at various prices

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46
Q

Equilibrium

A

The point at which quantity demanded equals quantity supplied

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47
Q

Economic growth

A

An increase in a nation’s output of goods and services

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48
Q

Gross domestic product, GDP

A

The total market value of all final goods and services produced by a country regardless of where the factors of production are located

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49
Q

Business Cycles

A

How are changes in the level of economic activity

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50
Q

Recession

A

A decline in GDP that last for at least two consecutive quarters

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51
Q

Full employment

A

The condition when all people who want to work and can work have jobs

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52
Q

Unemployment rate

A

The percentage of the total labor force that is actively looking for work but is not actually working

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53
Q

Frictional unemployment

A

Short term unemployment that is not related to the business cycle

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54
Q

Structural unemployment

A

Unemployment that is caused by a mismatch between available jobs and the skill of available workers in an industry or region, not related to the business cycle

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55
Q

Cyclical unemployment

A

Unemployment that occurs when a downturn in the business cycle reduces the demand for labor throughout the economy

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56
Q

Seasonal unemployment

A

Unemployment that occurs during specific seasons in certain industries

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57
Q

Inflation

A

The situation in which the average of all prices of goods and services is rising

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58
Q

Purchasing power

A

The value of what money can buy

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59
Q

Demand-pull inflation

A

Inflation that occurs when the demand for goods and services is greater than the supply

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60
Q

Cost-push inflation

A

Inflation that occurs when increases in production costs push up the prices of final goods and services

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61
Q

Consumer Price Index CPI

A

An index of the prices of a shopping basket of goods and services purchased by consumers

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62
Q

Producer price index PPI

A

An index of the prices paid by producers and wholesalers for various Commodities, such as raw materials, partially finished goods, and finished products

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63
Q

Bank of Canada

A

Canada 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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64
Q

Monetary policy

A

The measures taken by the Bank of Canada to regulate the amount of money in circulation to influence the economy

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65
Q

Contractionary policy

A

The use of monetary policy by the Bank of Canada to tighten the money supply by selling government securities or raising interest rates

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66
Q

Expansionary policy

A

The use of monetary policy by the Bank of Canada to increase the growth of the money supply

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67
Q

Fiscal policy

A

The government’s use of Taxation and spending to affect the economy

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68
Q

Federal budget deficit

A

The condition that occurs when the federal government spends more for programs than it collects in taxes

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69
Q

National debt

A

The accumulated total of all the federal government’s annual budget deficits

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70
Q

Crowding out

A

The situation that occurs when government spending replaces spending by the private sector

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71
Q

Bonds

A

Securities that represent long-term debt obligations liabilities issued by corporations and governments

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72
Q

Relationship management

A

The practice of building, maintaining, and enhancing interactions with customers and other parties to develop long-term satisfaction through mutually beneficial Partnerships

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73
Q

Strategic Alliance

A

A Cooperative agreement between companies, sometimes called a strategic partnership

74
Q

Ethics

A

A set of moral standards for judging whether something is right or wrong

75
Q

Component lifestyle

A

A lifestyle made up of a complex set of Interest, needs and choices

76
Q

Demography

A

The study of people’s Vital Statistics, such as their age, gender, race and ethnicity, and location

77
Q

Generation Z

A

Canadians born from the late 1990s onward

78
Q

Generation Y

A

Canadians born between 1977 and 1997

79
Q

Generation X

A

Canadians born between 1964 and 1977

80
Q

Baby boomers

A

Canadians born between 1946 and 1964

81
Q

Multiculturalism

A

The fundamental belief that all citizens are equal regardless of their racial or ethnic background

82
Q

Social responsibility

A

The concern of businesses for the welfare of society as a whole, consists of obligations Beyond those required by law or contracts

83
Q

Neoliberalism

A

A set of economic policies that believes that the economy ( and therefore social policy) should be market-driven not government driven

84
Q

Stakeholders

A

Individuals, groups, or organizations to whom a business has a responsibility, employees, customers, suppliers, investors, and the General Public

85
Q

Social investing

A

The practice of limiting Investments to Securities of companies that act in accordance with the investors beliefs about ethical and social responsibility

86
Q

Corporate philanthropy

A

The practice of charitable giving by corporations, includes contributing cash, donating equipment and products, and supporting the volunteer efforts of company employees

87
Q

Corporate governance

A

The way in which an organization is governed, directed, and administered

88
Q

Utilitarianism

A

A philosophy that focuses on the consequences of an action to determine whether it is right or wrong and holds that an action that affects the majority adversely is morally wrong

89
Q

Canadian Charter of Rights and Freedoms

A

Legislation that guarantees the rights and freedoms of Canadians

90
Q

Justice

A

What is considered Fair according to the prevailing standards of society, in the 21st century, and equitable distribution of the burdens and rewards that Society has to offer

91
Q

Preconventional ethics

A

A stage in the ethical development of individuals in which people behave in a childlike Manner and make ethical decisions in a calculating, self-centered, selfish way, based on the possibility of immediate punishment or reward, also known as self-centered ethics

92
Q

Conventional ethics

A

The second stage in the ethical development of individuals in which people move from an egocentric Viewpoint to consider the expressions of an organization or Society, also known as social ethics

93
Q

Post conventional ethics

A

The third stage in the ethical development of individuals in which people adhere to the ethical standards of amateur addled and are less concerned about how others view their behavior then about how they will judge themselves in the long run, also known as principled ethics

94
Q

Code of ethics

A

A set of guidelines prepared by a company to provide its employees with the knowledge of what the company expects in terms of their responsibilities and behavior toward fellow employees, customers and suppliers

95
Q

Whistleblower

A

An employee, a former employee, or any other member of an organization who reports misconduct by others in the organization to those who have the power to take corrective action

96
Q

Strategic giving

A

The practice of tying philanthropy closely to the corporate Mission or goals and targeting donations to Regions where a company operates

97
Q

Money

A

Anything that is acceptable as payment for goods and services

98
Q

Currency

A

Bank notes and coins used as a medium of Exchange

99
Q

Demand deposits

A

Money kept in checking accounts that can be withdrawn by depositors on demand

100
Q

Time deposits

A

Money invested for a specific time

101
Q

Term deposits

A

Deposits at a bank or other financial institution that pay interest but cannot be withdrawn on demand

102
Q

Open market operations

A

The purchase or sale of Canadian government securities by the Bank of Canada to stimulate or slow down the economy

103
Q

Bank rate

A

The interest rate that the Bank of Canada charges on one day loans to financial institutions

104
Q

Target for the overnight rate

A

The signal to the major participants in the money market as to what the Bank of Canada is aiming for when participants borrow and lend one-day funds to each other

105
Q

Four pillars of the Canadian Financial system

A

The country’s Banks, trust companies, insurance companies, and investment dealers

106
Q

Financial intermediation

A

Process in which financial institutions act as intermediaries between the suppliers and demanders of funds

107
Q

Chartered Banks

A

Profit oriented financial institutions that accept deposits, make business and Consumer loans, invest in government and corporate Securities, and provide other Financial Services

108
Q

Trust Company

A

A financial institution that conducts the same activities as a bank but can also administer Estates, trust, pension plans, and agency contracts

109
Q

Credit unions and caisses populaires

A

Not-for-profit, member-owned Financial corporatives

110
Q

Pension funds

A

Large pools of money set aside by corporations, unions, and government for later use in payment retirement benefits to their employees or members

111
Q

Canada Deposit Insurance Corporation cdic

A

A federal Crown Corporation created in 1967 to provide Deposit Insurance and contribute to the stability of Canada’s Financial system

112
Q

Securities

A

Investment certificates issued by corporations or governments that represent either Equity or debt

113
Q

Common shares

A

The most widely form of ownership with the right of owner (shareholder) to vote on important corporate decisions

114
Q

Dividends

A

Prophets of the company that are distributed to the shareholders

115
Q

Preferred shares

A

Shares that unlike common shares, have a specified fixed dividend but typically not a voice in management

116
Q

Bonds

A

Securities that represent a long-term debt obligations, liabilities issued by corporations or governments

117
Q

Interest

A

A fixed amount of money paid by the issuer of a bond to the bondholder on a regular schedule, typically every 6 months, stated as the coupon rate

118
Q

Principal

A

The amount Borrowed by the issuer of a bond, also called per value

119
Q

High-yield, junk bonds

A

High risk, High return bonds

120
Q

Secured bonds

A

Corporate bonds for which specific assets have been pledged as collateral

121
Q

Mortgage bonds

A

Corporate bonds that are secured by property, such as land, equipment, or buildings

122
Q

Debentures

A

Unsecured bonds that are backed only by the reputation of the issuer and its promise to pay the principal and interest when due

123
Q

Convertible bonds

A

Corporate bonds that are issued with an option that allows the bondholder to convert them into common shares

124
Q

Bond ratings

A

Letter grades assigned to bond issues to indicate their quality or level of risk, assigned by rating agencies such as Moody’s and Standard and Poor’s (S&P)

125
Q

Mutual fund

A

Financial Service Company that pulls its investors funds to buy a selection of Securities that meet its stated investment goals

126
Q

Exchange traded fund ETF

A

A basket of marketable Securities in a category, such as an industry sector, and investment objective, or a geographical area, or that track an index, similar to mutual funds but trade like shares

127
Q

Futures contracts

A

Legally binding obligations to buy or sell specified quantities of Commodities or financial instruments at an agreed on price at a future date

128
Q

Options

A

Contracts that title holders to buy or sell specified quantities of common shares or other financial instruments on a set price during a specified time

129
Q

Institutional investors

A

Investment confessionals where paid to manage other people’s money

130
Q

Investment bankers

A

Companies that act as intermediaries, buying Securities from corporations and governments and reselling them to the public

131
Q

Underwriting

A

The process of buying Securities from corporations and governments and reselling them to the public, with the aim of reselling at a higher price, the main activity of investment bankers

132
Q

Stock broker

A

A person whose license to buy and sell Securities on behalf of clients

133
Q

Primary Market

A

The Securities Market where new Securities are sold to the public, usually with the help of investment bankers

134
Q

Secondary Market

A

The Securities Market were sold, already issued, Securities are bought and sold, or traded, amongst investors

135
Q

Broker markets or organized stock exchanges

A

Organizations on whose premises Securities are resold by using an auction-style trading system

136
Q

Dealer markets

A

Securities markets were buy and sell orders are executed through dealers are market makers linked by telecommunications Networks

137
Q

National Association of Securities dealers automated quotation NASDAQ system

A

The first electronic base stock market and the fastest-growing part of the stock market

138
Q

Over the counter OTC market

A

A sophisticated telecommunications Network that links dealers and enables them to trade securities

139
Q

Bull markets

A

Markets in which securities prices are rising

140
Q

Bear markets

A

Markets in which security prices are falling

141
Q

Global vision

A

The ability to recognize and react to international business opportunities, be aware of threats foreign competition, and effectively use international distribution networks to obtain raw materials and move finished products to customers

142
Q

Multinational corporations

A

Corporations that move resources, Goods, services, and skills across National boundaries without regard to the country in which their headquarters are located

143
Q

Exports

A

Goods and services produced in one country and sold in other countries

144
Q

Imports

A

Goods and services bought from other countries

145
Q

Balance of trade

A

The difference between the value of a country’s exports in the value of its Imports during a certain time

146
Q

Trade Surplus

A

A favorable balance of trade that occurs when a country exports more than it Imports

147
Q

Trade deficit

A

An unfavorable balance of trade that occurs when a country Imports more than it exports

148
Q

Balance of payments

A

Summary of a country’s International financial transaction showing the difference between a country’s total payments to and total receipts from other countries

149
Q

Floating exchange rates

A

A system in which prices of currencies move up and down based on a demand for and supply of the various currencies

150
Q

Devaluation

A

A lowering of the value of a nation’s currency relative to other countries

151
Q

Absolute advantage

A

The situation when a country can produce and sell a product at a lower cost than any other country or when it is the only country that can provide the product

152
Q

Principle of comparative advantage

A

The concept that each country should specialize in the products that it can produce most readily and cheaply and trade those products for those that the other countries can produce more readily and cheaply

153
Q

Free trade

A

The policy of Permitting the people of a country to buy and sell where they please without restrictions

154
Q

Protectionism

A

The policy of protecting home industries from outside competition by establishing artificial barriers such as tariffs and quotas

155
Q

Preferential tariffs

A

Tariff that is lower for some Nations than for others

156
Q

Free trade zone

A

An area where the Nations allow free, or almost free, trade with each other while imposing tariffs on Goods of Nations outside the zone

157
Q

North American Free Trade Agreement, NAFTA

A

A 1994 agreement creating a free trade zone that includes Canada, Mexico, and the United States

158
Q

Mercosur

A

Trade agreement between Argentina, Brazil, Paraguay, Uruguay, and Venezuela

159
Q

European Union, EU

A

Trade agreement among 28 European nations

160
Q

Association of Southeast Asian Nations, ASEAN

A

A trading Bloc that includes 10 member states: Indonesia, Malaysia, Philippines, Singapore, Thailand, Brunei Darussalam, Vietnam, Laos, Mayanmar, and Cambodia

161
Q

Exporting

A

The practice of selling domestically produced Goods to buyers in another country

162
Q

Licensing

A

The legal process whereby a company agrees to allow another company to use a manufacturing process, trademark, patent, trade secret, or other proprietary knowledge in exchange for the payment of a royalty

163
Q

Contract Manufacturing

A

The practice in which a foreign company manufactures private-label Goods under domestic company’s brand name

164
Q

Joint venture

A

A business agreement in which two or more businesses agree to pool their resources for a specific project or business venture

165
Q

Direct foreign investment

A

Active ownership of a foreign company or of manufacturing or marketing facilities in a foreign country

166
Q

Countertrade

A

A form of international trade in which part or all of the payment for goods or services is in the form of other goods and services

167
Q

Dumping

A

The practice of charging a lower price for a product in foreign markets than in the company’s home market

168
Q

World Trade Organization, WTO

A

An organization established by the Uruguay round in 1994 to oversee International Trade, reduce trade barriers, and resolve disputes among member nations

169
Q

World Bank

A

International Bank that offers low interest loans, as well as advice and information, to developing nations

170
Q

International monetary fund, IMF

A

An international organization, founded in 1945, that promotes trade, make sure term loans to member nations, and acts as a lender-of-last-resort for troubled Nations

171
Q

Nationalism

A

Sense of national consequence that boost the culture and interests of one country over those of all other countries

172
Q

Infrastructure

A

The basic institutions and public facilities on which and economies development depends

173
Q

Tariff

A

A tax imposed on imported goods

174
Q

Protective tariffs

A

Tariffs are imposed to make Imports less attractive to buyers than domestic products

175
Q

Import quota

A

A limit on the quantity of a certain good that can be imported, also known as quantitative restraint

176
Q

Embargo

A

Total ban on Imports or exports of a product

177
Q

Customs regulations

A

Regulations on products that are different from generally accepted International standards

178
Q

Exchange controls

A

Laws that require a company earning for an exchange, foreign currency, from its exports to sell the foreign exchange to a control agency, such as a central bank

179
Q

Ethics

A

A set of moral standards for judging whether something is right or wrong

180
Q

Component lifestyle

A

Lifestyle made up of a complex set of Interest, needs, and choices

181
Q

Demography

A

The study of people’s Vital Statistics, such as their age, gender, race and ethnicity, and location

Intro to Business 1 (3 decks)

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