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business environment > Midterm 1 Review > Flashcards

Midterm 1 Review Flashcards

1
Q

risk

A

the chance of loss, the degree of probability of loss, and the amount of probable loss (ex, time or money)

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2
Q

Standard of Living

A

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

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3
Q

Quality of Life

A

The general well-being of a society in terms of its political freedom, natural environment, education, healthcare, safety, amount of leisure and rewards that add to the satisfaction and joy that other goods and services provide

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4
Q

Stakeholders

A

All the people who stand to gain or lose by the policies and activities of a business

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5
Q

Offshoring

A

Sourcing part of the purchased inputs outside of the country

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6
Q

Outsourcing

A

Assigning various functions such as accounting, production, security, maintenance and legal work to outside organizations

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7
Q

Insourcing

A

Assigning various functions that could go to an outside organization to employees in the company

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8
Q

Non-Profit Organization

A

An organization whose goals do not include making a personal profit for its owners or organizers

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9
Q

Business Environment

A

The surrounding factors that either help or hinder the development of business

includes: economic, legal, social, competitive, geographic and technological

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10
Q

Regulations

A

Restrictions that provincial and federal laws place on businesses with respect to the conduct of their activities

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11
Q

Productivity

A

The amount of output that is generated given the amount of input

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12
Q

E-commerce

A

The buying and selling of goods and services over the internet

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13
Q

E-business

A

Any information system or application that empowers business processes

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14
Q

Database

A

An electronic storage file for information

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15
Q

Identity Theft

A

Obtaining an individuals’ personal information, such as SIN and credit card numbers for illegal purposes

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16
Q

Crowdsourcing

A

Using the expertise of a large group of people to solve a business problem

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17
Q

Empowerment

A

Giving front-line employees the responsibility, authority and freedom to respond quickly to customer requests

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18
Q

Demography

A

The statistical study of the human population with regard to its size, density, and other characteristics such as age, race, gender and income

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19
Q

Baby Boomers

A

Born in the period of 1946-1964

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20
Q

Generation Y (Millennials)

A

Born in the period of 1977-1994

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21
Q

Generation Z

A

Born in the period from 1995 onward

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22
Q

Climate Change

A

The movement of the temperature of the planet up or down over time

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23
Q

Greening

A

The trend toward saving energy and producing products that cause less harm to the environment

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24
Q

Sustainability

A

Development that meets the needs of present and future generations

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25
Q

Consumer Market (B2C)

A

Products that are bought for personal use

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26
Q

Business Market (B2B)

A

Products that are purchased for resale, daily operations or use in the manufacturing of other products

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27
Q

Legal Environment

A
  • Tax laws
  • Contract laws
  • Elimination of corruption
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28
Q

Technological Environment

A
  • Information and tech
  • Databases
  • Internet
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29
Q

Economic Enviornment

A
  • Income and expenditures
  • Currency shifts
  • Economic systems
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30
Q

Global Environment

A
  • Environmental changes
  • International factors
  • Global markets/competition
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31
Q

Competitive Environment

A
  • Components of competition
  • Customer driven
  • Organization structure
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32
Q

Social Environment

A
  • Diversity
  • Demographic changes
  • Family changes
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33
Q

Macroeconomics

A

Looking at the operation of a nation’s economy as a whole

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34
Q

Microeconomics

A

Looking at the behaviour of people and organizations in particular markets

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35
Q

Resource Development

A

The study of how to increase resources and the creation of the conditions that will make better use of those resources

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36
Q

Invisible Hand

A

A phrase coined by Adam Smith to describe the process that turns self-directed gain into social and economic benefits for all

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37
Q

Capitalism

A

An economic system in which all or most of the factors of production and distribution are privately owned and operated for a profit

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38
Q

Socialism

A

An economic system based on the premise that some if not most basic businesses should be owned by the government so that profits ca be evenly distributed among the people

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39
Q

Communism

A

An economic and political system in which the state (government) makes all economic decisions and owns almost all of the major factors of production

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40
Q

Free-Market Economy

A

An economy in which the market largely determines what goods and services are produced, who gets them and how the economy grows

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41
Q

Command Economy

A

An economy in which the government largely determines what goods and services are produced, who gets them and how the economy grows

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42
Q

Mixed Economy

A

Economic systems in which some allocation of resources is made by the market and some by the government

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43
Q

Gross Domestic Product (GDP)

A

The total value of goods and services produced in a country in a given year

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44
Q

Unemployment Rate

A

The percentage of the labour force that actively seeks work but cannot find it

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45
Q

Inflation

A

A general rise in prices of goods and services over time

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46
Q

Disinflation

A

A situation in which price increases are slowing (inflation rate is decreasing)

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47
Q

Deflation

A

A situation in which prices are declining

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48
Q

Stagflation

A

A situation in which the economy is slowing but prices are going up regardless

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49
Q

Consumer Price Index (CPI)

A

A monthly statistic that measures the pace of inflation or deflation

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50
Q

Human Development Index (HDI)

A

A measure of a country’s progress that includes wealth, health and education

51
Q

Business/Economic Cycles

A

The periodic rises and falls that occur in economies over time

52
Q

Boom

A

A period that brings jobs, growth and economic prosperity

53
Q

Recession

A

2 or more consecutive quarters of decline in the GDP

54
Q

Depression

A

A severe recession

55
Q

Recovery

A

When the economy stabilizes and starts to grow

56
Q

Frictional Unemployment

A

People that quit and haven’t found jobs yet

57
Q

Structural Unemployment

A

Unemployment caused by company restructuring, a mismatch between the skills of employees or the location of jobs

58
Q

Cyclical Unemployment

A

Due to a downturn in the economy

59
Q

Seasonal Unemployment

A

Demand for labour varies over the year

60
Q

How to Improve Productivity

A
  • Promote investment in equipment and machinery
  • Invest in education and skills of people
  • Open the economy to trade and investment
61
Q

Free Trade

A

The movement of goods and services among nations without political or economic barriers

62
Q

Balance of Trade

A

A nation’s ratio of exports to imports

63
Q

Trade Surplus

A

A favourable balance of trade

Exports > Imports

64
Q

Trade Deficit

A

An unfavourable balance of trade

Exports < Imports

65
Q

Balance of Payments

A

The difference between money coming in vs going out plus money flows from other factors such as tourism, foreign aid, military expenditures and foreign investments

66
Q

Licensing

A

A global strategy in which a firm (licensor) allows a foreign company (licensee) to produce its product in exchange for a fee/royalty

67
Q

Contract Manufacturing

A

A foreign country’s production of private=-label goods to which a domestic company then attaches its brand name or trademark: Also called outsourcing

68
Q

Joint Venture

A

A partnership in which 2 or more companies (often from different countries) join to undertake a major project

69
Q

Strategic Alliance

A

A long-term partnership between 2 or more companies established to help each company build competitive market advantages

70
Q

Foreign Direct Investment (FDI)

A

The buying of permanent property and businesses in foreign nations

71
Q

Foreign Subsidary

A

A company owned in a foreign country by the parent company

72
Q

Multinational Corporation

A

An organization that manufactures and markets products in many different countries and has multinational stock ownership and management

73
Q

Culture

A

The set of values, beliefs, rules and institutions held by a specific group of people

74
Q

Ethnocentricity

A

An attitude that one’s own culture is superior to all others

75
Q

Exchange Rate

A

The value of one nation’s currency in relation to the currency of other countries

76
Q

Devaluation

A

Lowering the value of a nation’s currency relative to other countries

77
Q

Countertrading

A

A complex form of bartering in which several countries may be involved, each trading goods for goods and services for services

78
Q

Trade Protectionism

A

The use of government regulations to limit the imports of goods and services

79
Q

Dumping

A

Selling products in a foreign country for a lower price then in the producing country

80
Q

Tariff

A

A tax imposed on imports

81
Q

Import Quota

A

A limit on the number of products in a certain category that a nation can import

82
Q

Embargo

A

A complete ban on the import or export of a certain product or the stopping of all trade with a particular country

83
Q

General Agreement on Tariffs and Trade (GATT)

A

A 1948 agreement that established an international forum for negotiating mutual reductions in trade restrictions

84
Q

World Trade Organization (WTO)

A

An international organization that replaced the GATT and was assigned the duty to mediate trade disputes among nations

85
Q

International Monetary Fund (IMF)

A

An international bank that makes short-term loans to countries experiencing problems with their balance of trade

86
Q

World Bank

A

An autonomous United Nations agency that borrows money from the more prosperous countries and lends its to less developed countries to develop their infrastructure

87
Q

Producers’ Cartel

A

Organizations of commodity-producing countries that are formed to stabilize or increase prices to optimize overall profits in the long-run

88
Q

Common Market (Trading Bloc)

A

A regional group of countries that have a common external tariff, no internal tariffs, and a coordination of laws to facilitate exchange

89
Q

North American Free Trade Agreement (NAFTA)

A

An agreement that created a free-trade area among Canada, USA and Mexico

90
Q

Strategies for Reaching Global Markets

from least to most amount of commitment/risk

A
  • Licensing
  • Exporting
  • Franchising
  • Contract Manufacturing
  • International Joint Ventures/Strategic Alliances
  • Foreign Direct Investments
91
Q

National Policy

A

Government directive that placed high tariffs on imports from the US to protect Canadian manufacturing which had higher costs

92
Q

Crown Corporations

A

Companies that are owned by the federal or provincial government

93
Q

Privatization

A

The process of governments selling crown corporations

94
Q

Deregulation

A

Government withdrawal of certain laws and regulations that seem to hinder competition

95
Q

Marketing Boards

A

Organizations that control the supply or pricing of certain agricultural products in Canada

96
Q

Fiscal Policy

A

The federal government’s effort to keep the economy stable by increasing or decreasing taxes and government spending

97
Q

National (Federal) Debt

A

The accumulation of government surpluses and deficits over time

98
Q

Deficit

A

Occurs when a government spends more than it collects in taxes over a period of time (fiscal year)

99
Q

Surplus

A

An excess of revenues over expenditures

100
Q

Federal Budget

A

A comprehensive report that reveals government financial policies for the coming year

101
Q

Monetary Policy

A

The management of money supply and interest rates

102
Q

Transfer Payments

A

Direct payments from governments to other governments or individuals

103
Q

Equalization

A

A federal government program for reducing fiscal disparities among provinces

104
Q

Industrial Policy

A

A comprehensive, coordinated government plan to guide and revitalize the economy

105
Q

Ethics

A

Standard of moral behaviour; that is, behaviour that is accepted by society as right vs wrong

106
Q

Compliance-Based Ethics

A

Ethical standards that emphasize preventing unlawful behaviour by increasing control and penalizing wrongdoers

107
Q

Integrity-Based Ethics

A

Ethical standards that define the organizations’ guiding values, create an environment that supports ethically sound behaviour and stress a shared accountability among employess

108
Q

Whistleblowers

A

People who report illegal or unethical behaviour

109
Q

Corporate Social Responsibility (CSR)

A

A business’ concern for the welfare of society

110
Q

Corporate Philanthropy

A

Dimension of CSR that includes charitable donations

111
Q

Corporate Social Initiatives

A

Dimension of CSR that includes enhanced forms of corporate philanthropy that are more directly related to the company’s competancies

112
Q

Corporate Responsibility

A

Dimension of CSR that refers to the position a firm takes on social and political issues

113
Q

Insider Trading

A

An unethical activity in which insiders use private company information to further their own fortunes or those of their family and friends

114
Q

Social Audit

A

A systematic evaluation of an organization’s progress toward implementing programs that are socially responsible and responsive

115
Q

Triple Bottom Line (TBL, 3BL or People, Planet, Profit)

A

A framework for measuring and reporting corporate performance against economic, social and environmental parameters

116
Q

Sustainable Development

A

Implementing a process that integrates environmental, economic and social considerations into decision making

117
Q

Customer’s 4 Basic Rights

A
  • The right to be safe
  • The right to be informed
  • The right to choose
  • The right to be heard
118
Q

3 Questions in a Potentially Unethical Circumstance

A
  • Is it legal?
  • Is it balanced?
  • How will it make me feel?
119
Q

6 Steps when setting up a corporate ethics code

A
  1. Adopt and support an explicit code of conduct
  2. Employees must understand expectations start at the top and all employees are expected to act accordingly
  3. Everyone must undergo ethics training
  4. An ethics office must be set up
  5. Outsiders must be told the ethics code
  6. Ethics code must be enforced
120
Q

6 Categories of Government Activities that can Affect Business

A
  • Crown corporations
  • Laws & regulations
  • Taxation & financial policies
  • Government expenditures
  • Purchasing policies
  • Service
121
Q

Forces that Affect Trading in Global Markets

A
  • Socioculture
  • Economic & financial
  • Legal
122
Q

Factors of Production

A
  • Land
  • Labour
  • Capital
  • Entrepreneurship
  • Knowledge
123
Q

Organizational Ethics

A

Learned by observing the actions of others

business environment (1 decks)

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