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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
What is the law of supply
as supply increases price increases(superman law)
26
Conditions affect supply
A change in the number of producers, price of related goods, change in technology, changed expectation, change in cost of production
27
What is an equilibrium
It occurs at the price in which quantity demanded equals quantity supplied
28
Define Shortage
It occurs when quantity demanded exceeds quantity supplied
29
What is surplus
Occurs when quantity supplied exceeds quantity demanded
30
How is price determined
By supply and demand as well as the cost of producing or providing the good or service
31
define ethics
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
32
What is ethical behavior
Conduct that confirms to ethics, individual beliefs and social standards about what is right and good
33
What is values
It tells us what is important to help us make decisions about right and wrong it is related to ethical behavior
34
What are morals
Rules be used to decide what is good or bad again this is related to ethical behavior
35
What is the difference between values and morals
Morals are rules and values is what is important to us
36
What is the code of ethics
A document that explains specifically how employees should respond in certain situations
37
Can businesses still at unethically without breaking these laws
Yes
38
Why are business ethics important to organization
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
What is ethical dilemma
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
What are some questions consider when dealing with an ethical dilemma
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
What are some examples of ethical dilemmas
Discrimination, pollution control, employee rights, etc
42
What is whistleblowing
When an employee in forms officials or the public about an illegal or ethical violation
43
How can whistleblowers make their allegations
Internally or externally
44
What is fraud
The crime of lying and pretending
45
How did some businesses commit fraud
By misleading consumers and trying to trick them into buying something in order to maximize the profits
46
What is the competition act of Canada
Bands the type of fraud and the deception of businesses practices
47
What are the different types of fraud
Accounting, bank, consumer, contract, insurance, mail, pure amid, stock market, telemarketing, and welfare
48
What are the roles of marketing
Salad of business makes and manage a business is brands
49
What are the parts to managing a business is brands
Research, development, sales, distribution, advertising and promotion
50
What are the two c's of marketing
Competitive market and consumer market
51
What is competitive market
Other businesses that compete with us for consumer dollars
52
What are the two types of competition
Direct and indirect
53
What is direct competition Titian
Other sellers of product similar to ours
54
What is in direct competition
Other spending needs that may draw consumers away from our products
55
What is consumer market
Character people who buy our products
56
What are demographics
Include age, gender, family lifecycle, income and ethnicity and culture
57
What factors are considered in consumer market
Demographics and lifestyle
58
What are the four p's
Product price place and promotion
59
What are the two types of marketing research
Secondary data and primary data
60
What is secondary data
Information that others have collected
61
What is primary data
Current information that researchers collect and analyze for a specific person and it typically comes from and use her or target market
62
What is a target market
Specific group that business has decided to aim it's marketing efforts and ultimately it's merchandise
63
What is the product lifecycle
Introduction, growth, maturity, decline
64
Explain the introduction stage
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
Define growth
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
Define maturity
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
What is decline stage
The sales decrease in businesses research the markets to find out why, and they make changes
68
Give exampled of life cycles
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69
What are the two reasons businesses develop products and services
Because it can't end because they see a need
70
What are the different types of channels of distribution
Vending machine, online, markets, retail stores, catalogs, comarketing
71
What are the different methods of transportation
Ship, Truck, train, plane, pipeline`
72
What are the three components to a brand
Brand-name, logo and trademark, slogan
73
What is investing
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
Define consumer
People who bought the product or service
75
What are stocks
Chair of the value of the company bought or sold or traded as an investment
76
Define liquidity
the availability of liquid assets to a market or company. liquid assets; cash. a high volume of activity in a market.
77
Define producer
a person, company, or country that makes, grows, or supplies goods or commodities for sale.,
78
Define marketplace
the arena of competitive or commercial dealings; the world of trade.
79
Define shares
Having a portion of the company
80
Book value
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
Define brokerage
the business or service of acting as a broker
82
Define dividends
a sum of money paid regularly (typically quarterly) by a company to its shareholders out of its profits (or reserves).
83
Define collectables
an item valued and sought by collectors.
84
Define levels of risk
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Grade 10 business (4 decks)

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