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MGMT 1000 > Defintions > Flashcards

Defintions Flashcards

1
Q

Standard of Living

A

Measured by the amount of outputted goods and services

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2
Q

Quantity Life

A

Human Happiness - Health, Education, Leisure Time, Life Expectancy

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3
Q

Economics

A

Is how well you allocated your resources

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4
Q

Capitalism

A

Government has no control

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5
Q

Communism

A

Government controls everything

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6
Q

Socialism

A

Basic industrial are owned by government of private sector

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7
Q

Mixed Economy

A

More the one economic system is adopted. Taxes are paid so government can provide social benefits and run certain aspects of economy

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8
Q

GDP

A

Gross domestic product. Value of goods and services for a year

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9
Q

Prosperity

A

Economy is growing

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10
Q

Recession

A

Economy is declining

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11
Q

Price Stability

A

Prices stay same for long period of time

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12
Q

Consumer Price Index

A

The rate of inflation

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13
Q

Economic Indicators

A

Tells you about economy. Leading the future. Legging the past.

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14
Q

Monetary policy

A

The Bank of Canada helps to raise or lower interest rates

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15
Q

Fiscal Policy

A

Governments use spending power to help increase or decrease total supply of money

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16
Q

Perfect Competion

A

Many competitors not one can affect price

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17
Q

Monopolistic

A

Many sellers with similar products

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18
Q

Oligopoly

A

Few sellers that control a large market

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19
Q

Monopoly

A

One seller in market

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20
Q

Feature

A

Is something that comes with physical service or good

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21
Q

Benefit

A

The happiness you receive from goods

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22
Q

Absolute Advantage

A

Can produce a whole product more efficiently

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23
Q

Comparative Advantage

A

Can produce good or service at lower opportunity cost

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24
Q

Opportunity Cost

A

What must be given up to obtain something that is desired

25
Q

Natural Barrier

A

A physical or cultural barrier

26
Q

Tariff Barrier

A

A tax imposed to limit the amount of imports

27
Q

Non-Tariff Barriers

A

Barrier that states an amount that is limited on a good that is imported

28
Q

Dumping

A

Lower price of good in foreign market

29
Q

Market Penetration

A

Selling more products in existing market

30
Q

Market Development

A

Selling existing products in new markets

31
Q

Product Development

A

Selling new products in existing markets

32
Q

Diversification

A

Selling new products in new markets

33
Q

Limited Liability

A

Most often corporations

Prevents shareholders and owners for being held responsible for company’s debts or losses

34
Q

Unlimited Liability

A

Sole Proprietorships and Partnerships

Will be held responsible for debts or financial losses

35
Q

Division of Labour

A

Dividing up tasks

36
Q

Departmentalization

A

Grouping jobs and employees

37
Q

Delegation

A

Assigning responsibilities

38
Q

Autocratic Style

A

Making decisions on own without input from others

39
Q

Democratic Style

A

Makes decisions consulting team

40
Q

Free - Rein Style

A

Hands off allows employees to be self directed and make decisions

41
Q

Economic Downturn

A

Entire industry is seeing profit loss

42
Q

Double Taxation

A

Company pays taxes on profits and shareholders pay taxes on dividends

43
Q

Benchmarking

A

Looking at a companies performance

44
Q

Mergers and Acquisitions

A

A combined company value is more then the two on there own

45
Q

Horizontal Intergration

A

Merging with another company

46
Q

Vertical Intergration

A

Gaining control of production and distribution of product

47
Q

Command Economies

A

Socialism and communism

48
Q

Market Economies

A

Capitalism and market

49
Q

Balance of Trade

A

Value of exports minus imports

50
Q

Continuity

A

Readiness to maintain critical function after an emergency or disruption

51
Q

Input Markets

A

Firms by resources from households

52
Q

Output Markets

A

Households buy goods and services from firms

53
Q

Agency Problem

A

Conflict of interest between doing what best for company vs self interest

54
Q

Cooperatives

A

Businesses owned and controlled by memebers

55
Q

Competition Act

A

Promotes competition in Canada

56
Q

Mixed economies attempt to

A

Meet social goals and creating pensions

57
Q

Buyer Cooperatives

A

When members combine purchasing power

Increases power and efficiency

58
Q

Seller cooperatives

A

When two smaller producers join to compete against a larger producer

MGMT 1000 (1 decks)

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