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Grade 10 business > Fundamentals (Unit 2) > Flashcards

Fundamentals (Unit 2) Flashcards

1
Q

Define bear market

A

a market in which prices are falling, encouraging selling.

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2
Q

define bull market

A

a market in which share prices are rising, encouraging buying.

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3
Q

Define share holder

A

A person who owns stocks

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4
Q

What are the factors of production

A

Natural human capital

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5
Q

Define natural resources

A

Raw materials extracted from the earth

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6
Q

Define human resources

A

Labor or knowledge to transform raw materials into goods or services

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7
Q

Define capital resources

A

Tools, equipment, or anything that can assist in the production of goods or services

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8
Q

Define economic resources

A

Goods and services that are provided to individuals or businesses to produce goods and services for consumers

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9
Q

What are economic systems

A

A way of dealing with the selection, production, distribution and consumption of goods and services

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10
Q

In most cases, it takes a culmination of what three things to create the goods and services that businesses provide

A

All three economic resources

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11
Q

What happens if there isn’t enough of an economic resource? (i.e. oil)

A

The price of it increases and alternatives must be found

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12
Q

What are the two types of economic systems

A

Command economy and free market economy

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13
Q

What does it mean when people say that businesses are interdependent

A

They rely on the goods and services from a variety of businesses to satisfy the customers needs and wants

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14
Q

What two economic systems determine

A

What should be produced for who these things should be produced and how they should be produced (TRIANGLE)

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15
Q

What is the law of demand

A

When demand is high prices low a.k.a. the kung fu law

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16
Q

What is quantity demand

A

The quantity of goods and services that consumers are willing and able to buy at a particular price [a specific point on the demand)

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17
Q

What is the demand curve

A

The line on the graph

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18
Q

What four things create demand

A

Consumers, ample supply, price and accessibility

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19
Q

How are consumers part of creating demand

A

They are aware of or interested in the goods or services businesses do this by advertisement

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20
Q

How is ample supply part of creating demand

A

They need to make sure they have enough

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21
Q

How is price part of creating demand

A

In these be reasonable and competitive

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22
Q

How is accessibility part of creating demand

A

The product must be accessible

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23
Q

What four things affect demand

A

Change in consumers incomes, change and consumers tastes, change what we expected future, change in population

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24
Q

What is supply

A

The quantity of goods or services that businesses are willing and able to provide within a range of prices that people are willing to pay

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25
Q

What is the law of supply

A

as supply increases price increases(superman law)

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26
Q

Conditions affect supply

A

A change in the number of producers, price of related goods, change in technology, changed expectation, change in cost of production

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27
Q

What is an equilibrium

A

It occurs at the price in which quantity demanded equals quantity supplied

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28
Q

Define Shortage

A

It occurs when quantity demanded exceeds quantity supplied

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29
Q

What is surplus

A

Occurs when quantity supplied exceeds quantity demanded

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30
Q

How is price determined

A

By supply and demand as well as the cost of producing or providing the good or service

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31
Q

define ethics

A

They are rules that help us determine the difference between right and wrong, they are standards of conduct that side he believes people should follow, they encourage us to do the right thing but they vary from person to person and situation to situation and culture to culture

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32
Q

What is ethical behavior

A

Conduct that confirms to ethics, individual beliefs and social standards about what is right and good

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33
Q

What is values

A

It tells us what is important to help us make decisions about right and wrong it is related to ethical behavior

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34
Q

What are morals

A

Rules be used to decide what is good or bad again this is related to ethical behavior

35
Q

What is the difference between values and morals

A

Morals are rules and values is what is important to us

36
Q

What is the code of ethics

A

A document that explains specifically how employees should respond in certain situations

37
Q

Can businesses still at unethically without breaking these laws

A

Yes

38
Q

Why are business ethics important to organization

A

Because profitability is not just about making money in the short-term but about building relationships with society to ensure money in the long term

39
Q

What is ethical dilemma

A

A situation where difficult trace must be made between two or more options, it is a moral problem with the choice between potential right and wrong

40
Q

What are some questions consider when dealing with an ethical dilemma

A

Who will be helped by what you do, who will be hurt by what you do, what are the benefits and problems of each decision, will the decisions survive the test of time

41
Q

What are some examples of ethical dilemmas

A

Discrimination, pollution control, employee rights, etc

42
Q

What is whistleblowing

A

When an employee in forms officials or the public about an illegal or ethical violation

43
Q

How can whistleblowers make their allegations

A

Internally or externally

44
Q

What is fraud

A

The crime of lying and pretending

45
Q

How did some businesses commit fraud

A

By misleading consumers and trying to trick them into buying something in order to maximize the profits

46
Q

What is the competition act of Canada

A

Bands the type of fraud and the deception of businesses practices

47
Q

What are the different types of fraud

A

Accounting, bank, consumer, contract, insurance, mail, pure amid, stock market, telemarketing, and welfare

48
Q

What are the roles of marketing

A

Salad of business makes and manage a business is brands

49
Q

What are the parts to managing a business is brands

A

Research, development, sales, distribution, advertising and promotion

50
Q

What are the two c’s of marketing

A

Competitive market and consumer market

51
Q

What is competitive market

A

Other businesses that compete with us for consumer dollars

52
Q

What are the two types of competition

A

Direct and indirect

53
Q

What is direct competition Titian

A

Other sellers of product similar to ours

54
Q

What is in direct competition

A

Other spending needs that may draw consumers away from our products

55
Q

What is consumer market

A

Character people who buy our products

56
Q

What are demographics

A

Include age, gender, family lifecycle, income and ethnicity and culture

57
Q

What factors are considered in consumer market

A

Demographics and lifestyle

58
Q

What are the four p’s

A

Product price place and promotion

59
Q

What are the two types of marketing research

A

Secondary data and primary data

60
Q

What is secondary data

A

Information that others have collected

61
Q

What is primary data

A

Current information that researchers collect and analyze for a specific person and it typically comes from and use her or target market

62
Q

What is a target market

A

Specific group that business has decided to aim it’s marketing efforts and ultimately it’s merchandise

63
Q

What is the product lifecycle

A

Introduction, growth, maturity, decline

64
Q

Explain the introduction stage

A

AKA the launch, consumers don’t even know it exists so businesses need to inform the consumer about Pollux features and ability, package, design and branded identification early adopters are most of you to buy this but this is a very expensive stage if the product fails company loses money

65
Q

Define growth

A

Early adaptors trying product and others are seeing it and want to try it as well in the competition grows and they want to improve it and sell it as their own, then advertising starts and though survive on the top of the growth cycle but only if you survive

66
Q

Define maturity

A

The growth is flat and new consumers replace those Aleve, all costs have been paid for, appetizing case product alive in the consumers minds and companies expand their brand

67
Q

What is decline stage

A

The sales decrease in businesses research the markets to find out why, and they make changes

68
Q

Give exampled of life cycles

A

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69
Q

What are the two reasons businesses develop products and services

A

Because it can’t end because they see a need

70
Q

What are the different types of channels of distribution

A

Vending machine, online, markets, retail stores, catalogs, comarketing

71
Q

What are the different methods of transportation

A

Ship, Truck, train, plane, pipeline`

72
Q

What are the three components to a brand

A

Brand-name, logo and trademark, slogan

73
Q

What is investing

A

To use money to earn more money, to use your money to purchase stocks in a company or to buy property… It’s in order to make a future profit

74
Q

Define consumer

A

People who bought the product or service

75
Q

What are stocks

A

Chair of the value of the company bought or sold or traded as an investment

76
Q

Define liquidity

A

the availability of liquid assets to a market or company.
liquid assets; cash.
a high volume of activity in a market.

77
Q

Define producer

A

a person, company, or country that makes, grows, or supplies goods or commodities for sale.,

78
Q

Define marketplace

A

the arena of competitive or commercial dealings; the world of trade.

79
Q

Define shares

A

Having a portion of the company

80
Q

Book value

A

accounting value) of each share of stock. Book value is a company’s net asset value, which is calculated by total assets minus intangible assets and liabilities.

81
Q

Define brokerage

A

the business or service of acting as a broker

82
Q

Define dividends

A

a sum of money paid regularly (typically quarterly) by a company to its shareholders out of its profits (or reserves).

83
Q

Define collectables

A

an item valued and sought by collectors.

84
Q

Define levels of risk

A

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Grade 10 business (4 decks)

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