Final Exam Review Flashcards
economics
the study of how a society uses scarce resources to produce and distribute goods and services
macroeconomics
the subarea of economics that focuses on the economy as a whole looking at aggregate data from large groups of people, companies, or products
micro economics
economics that focuses on individual parts of the economy such as households and businesses
factors of production
Natural resources, Labour, Capital, Entrepreneurship, knowledge
demand
The quantity of a good or service that people are willing to buy at various prices
demand curve
a graph showing the quantity of a good or service that people are willing to buy a t various prices
supply
the quantity of a good or service thst businesses will make available at various prices
supply curve
a graph showing the quantity of a good or service that a business will make available at various prices
equilibrium
the point at which quantity demanded equals quantity supplied
What is GDP and define it
gross domestic product - the total market value of all final goods and services produced within a nations borders
What is GNP and define it
gross national product - the total market value of all final goods and services produced by a country regardless of where the factories are
Define business cycle
changes in the level of economic activity
What are the different types of unemployment and define them
Frictional Unemployment- Quite Job and didn’t find another yet
Structural Unemployment- Industries short of workers
Cyclical Unemployment- varies based on the
economy’s cycle
Seasonal Unemployment- Construction or other industries based on seasons
measuring employment/ unemployment
to determine how close we are to full employment
define the different type of inflation
demand- pull inflation – inflation that occurs when demand is greater than supply
cost-push – when production costs increase ultimately raising prices of goods and services
define consumer price index
an index of the prices of a shopping basket of goods and services purchased by consumers
define producer price index
an index of the prices paid by the producers and wholesalers for various commodities
bank of Canada
Canadas central bank who objective is the economic and financial well-being of Canada by creating a sound balance of growth, employment, and price stability
Define ethics
a set of moral standards for judging whether something is wright or wrong
define demography
the tudy of people vital statistics. ex. age, gender, race and ethnicity, location
define stakeholder
individuals, groups, or organizations to whom a business has a responsibility ex. employees, customers, suppliers, investors and the general public
define corporate philanthropy
the practice of charitable giving by corporations
ex. donating equipment, cash, supporting volunteer efforts
What does CIO stand for and define it
Chief information officer – an executive responsible for managing all information resources and processes in a organization
define knowledge worker
a worker who develops or uses knowledge, contributing to and benefitting from information used in preforming various tasks
define multinational corporation
corporations that move resources, goods, services and skills across national borders without regard to the country where the headquarters is
define imports and exports
imports – goods and services brought from other countries
exports – goods and services produced in one country and sold in another
define balance of trade
the difference between the value of the countrys exports and the value of its imports
define trade surplus
when a country exports more than it imports
define trade deficit
when a country imports more than it exports
define balance of payments
a summary of the countries international transactions showing the difference between total payments and total receipts
define exchange rate
the price of one countries currency in terms of another’s countries
define free trade and give examples
the policy of permitting the people of a country to buy and sell where they want without restrictions
what is protectionism and the different forms of it
the policy of protecting home industries from outside competition by establishing artificial barriers such as tariffs and quotas
what are the types of trade advantages
NAFTA
Mercosur
European Union
what are the differnet types of entrepreneurs and their characteristics
classic entrepreneurs
multipreneurs
intrapreneurs
what are the different types of entrepreneurs and their characteristics
classic entrepreneurs – accept the risks that come with starting their own companies based on innovative ideas
multipreneurs – thrive on the challenge of building a business and watching it grow. they are entrepreneurs who start a series of business
intrapreneurs – entrepreneurs who don’t own there own company but apply there creativity, vision, and risk taking within a large corporation.
define business plan
a formal written statement that describes in detail the idea for a new business and how it will be carried out, and include a general description of the company, the qualifications of the owners, a description of the product or service, an analysis of the market, and a financial plan.
define debt and equity and what are the sources of it
debt – a form og business financing consisting of borrowed funds that must be repaid with interest over a stated period
equity – a form of business financing consisting of funds raised through the sale of shares in a business
define angel investors
individual investors or groups of experienced investors who provide funding for start-up businesses
define venture capital
financing obtained from investment companies that specialize in financing small, high-growth companies and receive an ownership interest and a voice in management in return for their money
what are the different types of business structures
sole proprietorship
corporation
partnership
define shareholders
the owners of a corporation who hold shares of stock that provide certain rights
Define board of directors
a group of people elected by the shareholders to handle the overall management of a corporation, such as setting major corporate goals and policies, hiring corporate officers, and overseeing the companies operations and finances
what are the specialized forms of business organizations
co operatives joint venture leveraged buyout merger/ acquisition motives franchising
franchising
a form of business organization based on a business arrangement between a franchisor, which supplies the product concept, and the franchisee, which sells the good or service of the franchisor in a geographic region
