Chapter 1 Flashcards
Business
An organization that strives for a profit by providing goods and services desired by its customers
Goods
Tangible items manufactured by businesses
Services
Intangible offering of businesses that can’t be touched or stored
Standard of living
A country’s output of goods and services that people can buy with the money they have
Quality of life
the general level of human happiness based on such things as life expectancy, educational standards, health, sanitation, and leisure time
Risk
the potential for losing resources, most commonly time and money, or otherwise not being able to accomplish an organization’s goals
Revenue
The money a company earns from providing services or selling goods to customers
Costs
Expenses incurred in creating and selling goods and services
Profit
the money left over after all expenses are paid
Not-for-profit organization
An organization that exists to achieve some goal other than the usual business goal of profit
Transfer payment
Payments made to the provinces and territories by the federal government to help to deliver required services such as health and education, and to help equalize the wealth across Canada
Patent
A form of protection (limited monopoly) established by the government for inventors; it gives an inventor the exclusive right to manufacture, use, and sell an invention for 20 years
Copyright
A form of protection established by the government for creators of works of art, music, literature, or other intellectual property; it gives the creator the exclusive right to use, produce, and sell the creation during the lifetime of the creator and extends these rights to the creator’s estate for 50 years thereafter
Trademark
the legally exclusive design, name, or other distinctive mark that a manufacturer uses to identify its goods in the marketplace
Bankruptcy
The legal procedure by which individuals or businesses that cannot meet their financial obligations are relieved of some, if not all, of their debt
