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intro to business test 1 > chapter 1- the dynamic business environment > Flashcards

chapter 1- the dynamic business environment Flashcards

1
Q

what did Ron fox croft develop?

A

the international standard for referee whistles used in the NBA, NFL, NHL..

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2
Q

what is a tangible product and what is an example of a tangible product?

A

goods are tangible products- things you can touch and see

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3
Q

what is an intangible product and what is an example of this?

A

services are intangible products- things you cannot touch

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4
Q

what Is a business?

A

any activity that seeks to provide goods and services to others while operating at a profit

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5
Q

what is an entrepreneur?

A

a person who risks money and time to start and manage a business

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6
Q

what is profit?

A

amount of money a business earns above and beyond what it spends for salaries and other expenses

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7
Q

why is starting a business a risk?

A

you may not make a profit

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8
Q

what is risk?

A

chance an entrepreneur takes of losing time and money on a business that may not prove profitable

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9
Q

what is standard of living?

A

the amount of goods and services people can buy with the money they have

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10
Q

why does Canada have a high standard of living?

A

they have created wealth by its businesses

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11
Q

what is quality of life?

A

the general well being of a society

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12
Q

what are examples of quality of life?

A

political freedom, education, healthcare, amount of leisure…

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13
Q

what are stakeholders?

A

those who stand to lose or gain

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14
Q

what is offshoring?

A

relocation of business processes (including production/manufacturing) to a lower cost location, usually overseas. most offshoring in Canada occurs with the US

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15
Q

what is outsourcing?

A

contracting with other companies to do some or all of the functions of a firm, such as production or accounting. hires a third-party to perform tasks, handle operations or provide services for the company

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16
Q

what is insourcing?

A

a relatively new term used to describe the situation where a company performs functions.

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17
Q

who is insourcing done by?

A

people in the company

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18
Q

what Is not the goal of a non profit organization?

A

they do not want to make a personal profit

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19
Q

what are social entrepreneurs?

A

people who use business principles to start and manage non profit organizations and help countries with their social issues (micro lending)

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20
Q

what are the two ways to succeed in business?

A
  1. work within a company and rise to the top

2. start your own business

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21
Q

what is an advantage of working for others?

A

somebody else assumes the entrepreneurial risk and provides you with benefits

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22
Q

what are the five factors of production?

A
  1. land (natural resources)
  2. labour (workers)
  3. capital (physical assets not money)
  4. entrepreneurship
  5. knowledge
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23
Q

what is a business environment?

A

it consists of surrounding factors that either help or hinder the development of businesses

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24
Q

what does crest stand for?

A

competition, regulatory and laws, economics, social, technology

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25
Q

what effects how businesses run?

A

rules and laws made by politicians

26
Q

who can lessen the risk of starting and running a business and how?

A

the government by creating laws

27
Q

why can starting a business in some countries like India be bureaucratic?

A

the government people you have to deal with to get the proper permits to operate

28
Q

what affects the cost of running a business? (economic environment)

A

income, expenditures and resources

29
Q

businesses analyze which major economic indicators? (economic environment)

A

consumer spending, taxes, employment levels and productivity

30
Q

what is foreign exchange?

A

the movement of a country’s currency relative to other currencies. (how much one currency is compared to another).
also pertains to the economic environment

31
Q

what affects productivity?

A

use and application of technology

32
Q

what is productivity?

A

the amount of output you generate given the amount of input

33
Q

the more money you produce=

A

the more money you are worth

34
Q

what is effectiveness?

A

producing the desired result

35
Q

what is efficiency??

A

producing goods and services using the least amount of resources

36
Q

what is business to consumer e- commerce?

A

process of businesses selling products and services directly to consumers, with no middleperson. B2C is typically used to refer to online retailers who sell products and services to consumers through the Internet.

37
Q

what is business to business e-commerce?

A

online sales transaction between 2 businesses

38
Q

what is business to government e- commerce?

A

a web hosting service supporting the ministry of health

39
Q

what is government to consumer e-commerce?

A

renewinng licenses or applying for permits

40
Q

what is e business?

A

business activities on the web that can be from simple posting product photos to business to business marketplaces

41
Q

what is e commerce?

A

buying or selling of products via electronic means such as the internet or other electronic services.

42
Q

what is identity theft?

A

act of obtaining personal info about a person

43
Q

what is a competitive environment?

A

how a business is affected by its competition and how it adapts its businesses practices to enable it to compete effectively.

44
Q

what is empowerment? (competitive environment)

A

competition by giving employees decision making authority

45
Q

to meet customers needs, what should firms do?

A

give their front line workers the freedom, training, equipment, responsibility they need to respond quickly to a customer requests and to make other essential decisions

46
Q

what are some competitive strategies?

A
  • exceed customer expectations
  • deliver fast
  • restructring and empowerment
  • concern for environment
47
Q

what is social environment?

A

interest in demographic trends that affect most businesses and career choices

48
Q

what is demography?

A

statistical study of the human population with regard to its size, density, age, race gender, income

49
Q

why are more people living longer?

A

due to better medical knowledge and technology, better health habits

50
Q

global trade=

A

global competition

51
Q

because modern farming industry has become some efficient through technology, what is the result on farms? (evolution of business)

A

the number of farms have dropped

52
Q

what do goods include?

A

agriculture, forestry, fishing, mining, oil and gas, construction, manufacturing

53
Q

what does manufacturing include?

A

clothing, chemical, machinery, wood, food

54
Q

what is the role of entrepreneurship in wealth creation?

A

Canada’s wealthiest citizens got their money as a result of having entrepreneurial spirit

55
Q

do stakeholders want you to succeed?

A

yes!!

56
Q

when does a loss happen?

A

when a business’ costs and expenses are higher than its revenues

57
Q

revenue vs profit?

A

Revenue is the total amount of income generated by the sale of goods or services related to the company’s primary operations. … Profit is the amount of income that remains after accounting for all expenses, debts, additional income streams, and operating costs.

58
Q

which factor of production is the most essential for creating wealth?

A

entrepreneurship and knowledge. entrepreneurs use what they have learnt to help grow their businesses.

59
Q

what are the six factors that make up the business environment?

A

legal, economic, technological, competitive, social and global (GLECTS)

60
Q

e commerce vs e business?

A

e commerce is the buying and selling goods over the internet. e business is any info system that empowers business processes

intro to business test 1 (3 decks)

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