Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is a business

A

organization that seeks profit by offering product to satisfy needs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

product

A

good or service
tangible and intangible

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

3 sectors of the economy

A

Businesses
Government Entities
Non-profit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

4 types of resources for any business

A

Material
Informational
HUman
Financial

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

4 Types of Reosurces: Material

A

Raw materials used in manufacturing
Buildings and equipment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

4 Types of Resource

A

Human resources are the people who provide labour

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

4 Types of Resources: Financial

A

Money required to pay employees, purchase materials

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Profit Formula

A

Revenue-Expenses

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

5 key business Activites

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What is a stakeholder

A

Anyone who is impacted by the actiivies of the business

Customers
Employee/Worker
Boss

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What are ways companies offer variety
QCCHV

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

How do businesses provide donations

A

CASH PRODUCTS AND EMPLOYEE TIME

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Three business social concerns

A

Health and Safety Concerns
Environmental
Community

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Health and Safety Risks

A

-inherent risks of work environment
-unsafe materials

GOVT has regulations, such as whmis to protect workers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Community Concerns
!!! IMPORTANT

A

-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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

What five factors does the business external environment exist in

A

POLITICAL
ECONOMIC and COMPETITIVE
SOCIAL
TECHNOLOGICL
INTENRATIONAL

PESTI

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Environmental Scan

A

business gather info about each factor and determine how it will poterntially imapct operaitons

28
Q

Political Factors

A

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
Q

Economic and Competitive Factors:

A

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
Q

Why do competitive factors matter

A

-low prices
-High quality

-can potentially lead to monopily

31
Q

Social Factor

A

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
Q

Tech factors

A

Innovaitons in tech change how companies make and distribute porducts

-ecommerce, social media, more innovation, it has created more jobs and marketing

33
Q

International FactorsL

A

businesses have to compete with other businesses from all over the globe

-can reuslt in job loss (outsourcing)

34
Q

When businesse smonitor and understand five PESTI factors that affect the business environment, how can they respond

A

with huan resorces, marketing, and financial strateiges for succes

35
Q

A growing Economy

A

good for businesses and consumers

36
Q

A shrinking Economy

A

not good for anyone, less jobs, less incomes, less choices

37
Q

Eoconomic factors vs System

A

Growing/Shirnking vs who owns and controls factors of production

38
Q

Economic system

A

of a country is a combo of policies laws and choices made by govt that determines who own sna dcontrols factors of production

39
Q

Factors of Production

A

resources used to create goods and services

includes nat res capital labour entrpreneurship and knowledge

40
Q

Why do econ systems matter

A

affects all econ actiivites of individuals businesses govts and society

41
Q

4 econ systems

A

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
Q

CANADA WHAT ECON SYSTEM

A

MIXED

43
Q

COMMAN SOCIAL MIXED MARKET

A

NK, Norewigan, Canada, USA

44
Q

diff between socialisma nd mixed

A

socialism: key industries and key nat res owned by govt
mixed: key and nat res owwned privately, but govt regulation HEAVILY

45
Q

4 economic questions

A

What good produced
How iwll they be produced
for who will they be produced
who owns and control the fop

46
Q

Competition

A

rivalry among business for sales

what ot product what price to chanrge

47
Q

4 degrees of compeition

A

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
Q

why is it good to know types of compeitions

A

can help choose effective business strategies

49
Q

Monopolistic compp vs Monopoly

A

Monompolistic ocmp is perfect comp w product diffrentiations so not identical products

monopoly one seller

50
Q

Perfect compeition - agriculture

A

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
Q

Monopolisitc compeition shoes soaps furniture

A

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
Q

Oligopoly phone service

A

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
Q

Monopoly

A

one seller with great economies of scale

NO Close sub, no entry to parket

LEGAL MONOPOLY: GOVT ENDORSED
NATURAL: DECLINING LRAC CURVE

54
Q

what is AN IMPORTANT THING IN PERFECT PUR COMP MARKETS FOR BUSINESSES TO DO

A

MINIMIZE COST OF PRODUCTION

55
Q

THE BUSINESS CYCLE 5 stages

A

LIke the sin curve with no beginning

PEAK,contraction, TROUGH, recoveY, EXPANSION,PEAK………

56
Q

peak contract trough recovery expansion

A

peak:HIGH points of business cyclec, growth
Contractions: econ shrinking
trough: unemployment low growth low inflation
recoveryL
expansion: economy is growing

57
Q

Recession

A

when economy contracts two quarters in a row

people lose jobs! and income

58
Q

GDP

A

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
Q

gROWING GDP

A

MORE MEPLOYMENT increasing incomes

but doesnt tell whle story

60
Q

3 factors ot gauge health of eocnomy

A

gdp
umeployment
infkation

61
Q

Unemployment and inflation related inversely

A

one goes up other goes down

62
Q

inflation

A

increase in price of goods and services
demand pull
cost push
govt print money

63
Q

how is inflation measured

A

on a monthly or annual basis

measured on the Consumer Price Index

64
Q

What is inflation
Is it healthy

A

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
Q

What is the CPI

A

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
Q

Deflation

A

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)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions