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Business Administration > Ch1 > Flashcards

Ch1 Flashcards

1
Q

business

A

An organization that seeks to earn profits by providing goods and services.

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2
Q

profit

A

What remains (if anything) after a business’s expenses are subtracted from its sales revenues.

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3
Q

not-for-profit organization

A

An organization that provides goods and services to customers, but does not seek to make a profit while doing so.

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4
Q

economic system

A

The way in which a nation allocates its resources among its citizens.

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5
Q

factors of production

A

The resources used to produce goods and services: labour, capital, entrepreneurs, and natural resources.

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6
Q

labour

A

The mental and physical training and talents of people; sometimes called human resources.

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7
Q

capital

A

The funds needed to operate an enterprise.

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8
Q

entrepreneur

A

An individual who organizes and manages labour, capital, and natural resources to produce goods and services to earn a profit, but who also runs the risk of failure.

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9
Q

natural resources

A

Items used in the production of goods and services in their natural state, including land, water, mineral deposits, and trees.

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10
Q

information resources

A

Information such as market forecasts, economic data, and specialized knowledge of employees that is useful to a business and that helps it achieve its goals.

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11
Q

command economy

A

An economic system in which government controls all or most factors of production and makes all or most production decisions.

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12
Q

market economy

A

An economic system in which individuals control all or most factors of production and make all or most production decisions.

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13
Q

communism

A

A type of command economy in which the government owns and operates all industries.

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14
Q

socialism

A

A kind of command economy in which the government owns and operates the main industries, while individuals own and operate less crucial industries.

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15
Q

market

A

An exchange process between buyers and sellers of a particular good or service.

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16
Q

input market

A

Firms buy resources that they need in the production of goods and services.

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17
Q

Which country was ranked as the world’s top country in which to do business by Forbes in 2011?

A

Canada

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18
Q

Who is Mike Miltimore?

A

His family owns Lee’s Music and he is the creator of Riversong Guitars

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19
Q

output market

A

Firms supply goods and services in response to demand on the part of consumers.

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20
Q

capitalism

A

An economic system in which markets decide what, when, and for whom to produce.

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21
Q

mixed market economy

A

An economic system with elements of both a command economy and a market economy; in practice, typical of most nations’ economies.

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22
Q

privatization

A

The transfer of activities from the government to the private sector.

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23
Q

nationalization

A

The transfer of activities from private firms to the government.

24
Q

deregulation

A

A reduction in the number of laws affecting business activity.

25
Q

CANADIAN RADIO-TELEVISION AND TELECOMMUNICATIONS COMMISSION (CRTC)

A

Regulates and supervises all aspects of the Canadian broadcasting system.

26
Q

Canadian Wheat Board

A

Regulates the price farmers receive for their wheat.

27
Q

Competition Act

A

Prohibits a variety of business practices that lessen competition.

28
Q

Tobacco Act

A

Prohibits cigarette advertising on billboards and in retail stores and assigns financial penalties to violators.

29
Q

Weights and Measurements Act

A

Sets standards of accuracy for weighing and measuring devices.

30
Q

Consumer Packaging and Labelling Act

A

States Labelling requirements for products

31
Q

Textile Labelling Act

A

Regulates the labelling, sale, importation, and advertising of consumer textile articles

32
Q

Food and Drug Act

A

Prohibits the sale of food unfit for human consumption and regulates food advertising

33
Q

Canada Consumer Product Safety Act

A

Regulates banned products and products that could be sold but must be labeled as hazardous

34
Q

Social goals

A

Improve well-being of Canadian society

Examples: healthcare, workplace safety, employment insurance, and pensions

35
Q

Canada Water Act

A

Controls water quality in fresh and marine waters of Canada

36
Q

Fisheries Act

A

Regulates the discharge of harmful substances into water

37
Q

Environmental Contamination Act

A

Makes rules for airborne substances that are dangerous for humans or environment

38
Q

revenue taxes

A

taxes whose main purpose is to fund government services and programs

39
Q

progressive revenue taxes

A

taxes levied at a higher rate on higher-income taxpayers and at a lower rate on lower-income taxpayers

40
Q

regressive revenue taxes

A

taxes that cause poorer people to pay a higher percentage of their income than richer people pay

41
Q

restrictive taxes

A

taxes levied to control certain activities that legislators believe should be controlled

42
Q

What essential services does the federal government supply?

A
  • postal service, highways, minting of money, armed forces, and statistical data on which businesses make decisions
43
Q

lobbyist

A

person hired by a company or an industry to represent its interests with government officials

44
Q

trade association

A

an organization dedicated to promoting the interests and assisting members of a particular industry

45
Q

market

A

an exchange between buyers and sellers of a particular good or service

46
Q

demand, supply

A

demand: the willingness and ability of buyers to purchase a product/service
supply: the willingness and ability of producers to offer a good/service

47
Q

law of demand

A

principle that buyers will purchase more of a product as price drops

48
Q

law of supply

A

principle that producers will offer more of a product as price rises

49
Q

demand and supply schedule

A

assessment of the relationships between different levels of demand and supply at different price levels

50
Q

market price

A

profit-maximizing price at which the quantity of goods demanded and the quantity of goods supplied are equal (equilibrium price)

51
Q

private enterprise

A

an economic system characterized by private property rights, freedom of choice, profits, and competition

52
Q

perfect competition

A

A market or industry characterized by a very large number of small firms producing an identical product so that none of the firms has any ability to influence price.

53
Q

monopolistic competition

A

A market or industry characterized by a large number of firms supplying products that are similar but distinctive enough from one another to give firms some ability to influence price.

54
Q

oligopoly

A

A market or industry characterized by a small number of very large firms that have the power to influence the price of their product and/or resources.

55
Q

monopoly

A

a market or industry with only one producer, who can set the price of its product and/or resources

56
Q

natural monopoly

A

a market or industry in which having only one producer is most efficient because it can meet all of consumers/ demand for the product

Business Administration (14 decks)

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