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SGMA 217 > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

What are the four benefits of studying business

A

1) Choose a career
2) Improve your career
3) Studying business can help you better informed consumer an dinvestor
4)More influential community member

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2
Q

Benefit of business: Choosing a career

A

You learn about different industries, and types of employers, or maybe to start your own business

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3
Q

——where to apply these d skills

Benefit of business: Improve your career

4 skills

IATC

A

Employees cna become managers, or you might ant to open your own business,

develop 4 skills: interpersonal analytical technical and conceptual

can help you in every org

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4
Q

Benefit of business: better informed consumer and investor

A

by understanding how markets work you can purchase deciisons wisely

by understanding how markets work you can make better financial decisions to invest

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5
Q

What is a business

A

organization that seeks profit by offering product to satisfy needs

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6
Q

product

A

good or service
tangible and intangible

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7
Q

What role do business play in our economy/Country? (5)

A

Employ people, produce goods, contribute to our standard of living, improve quality of life, driving innovation and creativity

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8
Q

3 sectors of the economy

A

Businesses
Government Entities
Non-profit

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9
Q

4 types of resources for any business

A

Material
Informational
HUman
Financial

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10
Q

4 Types of Reosurces: Material

A

Raw materials used in manufacturing
Buildings and equipment

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11
Q

4 Types of Resource

A

Human resources are the people who provide labour

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12
Q

4 Types of Resources: Financial

A

Money required to pay employees, purchase materials

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13
Q

4 Types of Resources: Informational

WHY IS IT THE MOST IMPORTANT
I M H F

A

Information is the reource that tells the manager how effectively the toher 3 resources are being used

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14
Q

Profit Formula

A

Revenue-Expenses

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15
Q

5 key business Activites

A

1.Markketing
2. Operations and production
3. Accounting Finances
4. Human Resources
5. Ressearch and Development

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16
Q

What is a stakeholder

A

Anyone who is impacted by the actiivies of the business

Customers
Employee/Worker
Boss

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17
Q

What are ways companies offer variety
QCCHV

A

INCREASED:
Quality, Choice, Convenicence, Healt and Safety, Value for money

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18
Q

Standard of Living Definition
How do businesses’ help standard of living?

A

Standard of living: amount of products available, the wealth of the nation, lifestyle opportunities

bUSINESSes offer high paying jobs and salalries

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19
Q

Quality of Life, how is it measured

what do businesses do to improve it

A

General well beign and happiness of people

access to healthcare, education, and food

Businesses offer jobs, they pay taxes, odnate, develop communities, eocnomoic growth

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20
Q

How do businesses provide donations

A

CASH PRODUCTS AND EMPLOYEE TIME

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21
Q

What do most managers do these days

A

look for ways to balance their drive to enerate porfits iwht the need to haronize social concerns

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22
Q

Three business social concerns

A

Health and Safety Concerns
Environmental
Community

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23
Q

Health and Safety Risks

A

-inherent risks of work environment
-unsafe materials

GOVT has regulations, such as whmis to protect workers

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24
Q

Environmental Damage

A

-Production requires consumption of nat res
-can cause irreversible damage to them

Busineses and inustrive have been actilel seeking better productiontechniques

COMMUNITY IMPACT

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25
Community Concerns !!! IMPORTANT
-When company's succeed, increase traffic, crow schools, damage existing business, can change community culture -when business fails it can impact thousands of workers -some employees could get unlivable wahes ENVIRONMENTAL POLLUTION IS THIS
26
What five factors does the business external environment exist in
POLITICAL ECONOMIC and COMPETITIVE SOCIAL TECHNOLOGICL INTENRATIONAL PESTI
27
Environmental Scan
business gather info about each factor and determine how it will poterntially imapct operaitons
28
Political Factors
the three levells of govt have roles and repsonisbilites tax agents, regulators, providers of essential services, ,purchasers, compeittiors FEDERAL:MONEY AND BANKING, TRADE, DEFENCCE, cOPyrights Provincial: protecting our property and civil rights, nat res, environment, labour laws Municipial:
29
Economic and Competitive Factors:
size and health of the economy is considered when making business decisions economic slowdowns upturn and affect everything (dowtown= unemploy up inflation down; govt get less tax so less spending, less discretionary spending)
30
Why do competitive factors matter
-low prices -High quality -can potentially lead to monopily
31
Social Factor
change in demographics of population can influence products and businesses -more jobs as boomers retire -diversity creates more business -higher life expectancy, more new products
32
Tech factors
Innovaitons in tech change how companies make and distribute porducts -ecommerce, social media, more innovation, it has created more jobs and marketing
33
International FactorsL
businesses have to compete with other businesses from all over the globe -can reuslt in job loss (outsourcing)
34
When businesse smonitor and understand five PESTI factors that affect the business environment, how can they respond
with huan resorces, marketing, and financial strateiges for succes
35
A growing Economy
good for businesses and consumers
36
A shrinking Economy
not good for anyone, less jobs, less incomes, less choices
37
Eoconomic factors vs System
Growing/Shirnking vs who owns and controls factors of production
38
Economic system
of a country is a combo of policies laws and choices made by govt that determines who own sna dcontrols factors of production
39
Factors of Production
resources used to create goods and services includes nat res capital labour entrpreneurship and knowledge
40
Why do econ systems matter
affects all econ actiivites of individuals businesses govts and society
41
4 econ systems
MARKET:CAPITALISM, private enterprise COMMAND: planned, centrally planned, govt decides all SOCIALISM: major infrastructure controlled by govt, smaller business is for idnividals MIXED: market and socialism, four basic questions answered though the interaction of house business and govt
42
CANADA WHAT ECON SYSTEM
MIXED
43
COMMAN SOCIAL MIXED MARKET
NK, Norewigan, Canada, USA
44
diff between socialisma nd mixed
socialism: key industries and key nat res owned by govt mixed: key and nat res owwned privately, but govt regulation HEAVILY
45
4 economic questions
What good produced How iwll they be produced for who will they be produced who owns and control the fop
46
Competition
rivalry among business for sales what ot product what price to chanrge
47
4 degrees of compeition
degree affects number of choices you have and the prices you pay 1) perfect (many) 2) monopolistic (many) 3) ooligopolu (few) 4) monopoly (one)
48
why is it good to know types of compeitions
can help choose effective business strategies
49
Monopolistic compp vs Monopoly
Monompolistic ocmp is perfect comp w product diffrentiations so not identical products monopoly one seller
50
Perfect compeition - agriculture
many buyers and sellers, doesnt happen often, no one can affects the price of product 5 conditions 1)market for a single product 2) no restrictions to enter industry 3) identical products 4) all buyers and sellers know market 5) no one person can affect market
51
Monopolisitc compeition shoes soaps furniture
this is what exists in place of perfect compeititon; many buyers and a relatively large # of sellers MAIN DIFF:PRODUCT DIFFERENTIATION!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! PRODUCTS NOT IDENTICAL, SO THEY GET BRAND NAME ATTENTION
52
Oligopoly phone service
Few sellers, LARGE SELLERS, Hard to enter market w/o investemnts, SELLERS MATCH EACH OTHER PRICING, AND WIN CONSUMERS THROUGH PRODUCT DIFFERENTIATION GAME THEORY! NASH EQUILBRIUM
53
Monopoly
one seller with great economies of scale NO Close sub, no entry to parket LEGAL MONOPOLY: GOVT ENDORSED NATURAL: DECLINING LRAC CURVE
54
what is AN IMPORTANT THING IN PERFECT PUR COMP MARKETS FOR BUSINESSES TO DO
MINIMIZE COST OF PRODUCTION
55
THE BUSINESS CYCLE 5 stages
LIke the sin curve with no beginning PEAK,contraction, TROUGH, recoveY, EXPANSION,PEAK.........
56
peak contract trough recovery expansion
peak:HIGH points of business cyclec, growth Contractions: econ shrinking trough: unemployment low growth low inflation recoveryL expansion: economy is growing
57
Recession
when economy contracts two quarters in a row people lose jobs! and income
58
GDP
totoal dollar value of all goods and services produced by all people <3 EVEN FOREIGN COMPANIES THAT OPEN WAREHOUSES IN CANDA, COUNT IN CANADIAN GDP
59
gROWING GDP
MORE MEPLOYMENT increasing incomes but doesnt tell whle story
60
3 factors ot gauge health of eocnomy
gdp umeployment infkation
61
Unemployment and inflation related inversely
one goes up other goes down
62
inflation
increase in price of goods and services demand pull cost push govt print money
63
how is inflation measured
on a monthly or annual basis measured on the Consumer Price Index
64
What is inflation Is it healthy
Typically the price of goods and services increase over time Low stable rate (2%) is good. but if they jump a lot in a year (10%) your dollars lose purhcasing power
65
What is the CPI
A MONTHLY INDEX, which is a nice shorthand way of measiring a selected samploe of the population to give you an indiciation of whats happeing to the overall pop WEIGHTED MEASUREMENT OF GOODS AND SERVICES THAT ARE PURCHASED IN A PREDEIFNED CONSUMER BASKET
66
Deflation
General decrease in the price of goods and services (opporsite of inflation) purchasing power of your dollar increases, BUT IT IS ECONOMIC TROUBLE low profits low employment

SGMA 217 (13 decks)

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