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COMM 101 > Module 1: Intro > Flashcards

Module 1: Intro Flashcards

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1
Q

Business

A

form of an organization that strives for a profit by providing goods and services to satisfy society’s needs (interchangeable with company and organization)

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2
Q

Goods

A

are tangible items manufactured by businesses, such as tablets, fridge, cars (physically - can touch/see -tangible)

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3
Q

Services

A

are intangible offerings that we experience. Such as hospitals, governments, lawyers, restaurants (medical/legal services, food- being served is a service)

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4
Q

Revenue

A

the money a company earns from providing services or selling goods to a customer (government revenue through taxes)

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5
Q

Costs

A

Expenses for rent, mortgage, salaries, labour, supplies, transportation and many other items that a business incurs from creating and selling goods and services

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6
Q

Profit

A

the money left over after all expenses are paid (revenue compared to cost- positive if money left over= profit, cost too much – negative= deficit)

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7
Q

Standard of living

A

Measurement of outputs of products (private-business/free enterprize and public- government/crown agencies) that people can buy with the money they have. [impacts the quality of life]

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8
Q

Quality of life

A

General level of human happiness. How do we measure happiness? Gross national happiness

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9
Q

Risk

A

The chance that an investments actual return will be different than expected. Potential for losing resources (i.e. time, money) or be unable to accomplish organizational goals. [risk of failure or losing resources even if meet goal]

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10
Q

Not for Profit Organization

A

Remember… not all businesses pursue profits… An Organization that typically exists to achieve a social goal or goals as opposed to the usual business goal of profit [lots of time can turn a profit -revenue exceeds costs – reinvested back into organization or donated] e.g. big brother big sisters saskatoon
-social enterprises

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11
Q

Business Offers Many Benefits

A
  • Array of goods/services, employment, quality of life
  • Good competition
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12
Q

Business Offers Many Concerns

A
  • Profit vs. social concerns – health and safety, environment, social disruption (is good/services disrupting other industries, etc.)
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13
Q

Five factors affect the business environment:

A
  1. Economic
  2. Competitive
  3. Global
  4. Technology
  5. Social
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14
Q
  1. Economic
A

Size and health of economy must be considered when making business decisions -is it growing/shrinking – labour market? → lots of available labour more affordable or is it a tight labour market (may have to pay higher wages to attract and retain employees)
-inflation

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15
Q
  1. Competitive
A

High levels of competition force businesses to cut costs, develop new products, increase marketing efforts
-low levels – create a monopoly, can harm market- higher prices, less available

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16
Q
  1. Global
A

Access to global markets increases competition and need to enhance skills -skills needs to meet demands, cultural aspects need to be understood

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17
Q
  1. Technology
A

Technology innovation has changed how businesses produce and distribute goods and how we communicate.
-rise of social media, internet, etc.

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18
Q
  1. Social
A

Changes in demographics influences what products companies offer -changes in beliefs of society change – e.g. environmental

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19
Q

Federal Government has the Authority over: (constitutional authority)

A
  • Money and Banking
  • Trade Regulations
  • External Relations
  • Defense
  • Criminal Law
  • Employment Insurance (national programs)
  • Copyrights (legal aspects)
  • Transportation (certain industries)
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20
Q

Canada’s financial system

A

is regulated and wealth is collected, transferred and spent to provide Canadians with one of the highest standards of living
-federal collect more taxes

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21
Q

Provincial and Territorial Governments: Protecting Rights
Responsibilities:

A

· Administration of labour laws
· Education
· health and welfare
· protection of property and civil rights
· natural resources (provinces control own natural resources)
· environment

Labour law includes minimum working standards such as minimum wages, vacations, statutory holidays and overtime

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22
Q

Municipal Governments: Delivering the Services

A

-3rd level of government (local government)

23
Q

Deliver services such as:

A
  • Water
  • Sewer
  • Waste Collection
    -hydro (saskatoon)

-collect property taxes – municipal
-local -more bylaws

24
Q

Encourages:

A
  • Economic Development
    BYLAWS = REGULATION
25
Q

Governments’ Other Roles
Governments as tax agents:

A

-Income taxes, sales taxes, property taxes and sin taxes (alcohol, gambling, tobacco, cannabis)

-The federal government provides significant financial support to assist the provinces and territories to provide the program and services they are responsible for in the form of transfer payments.

-Gst, pst, hst (harmonized sale tax)

-SK – pay 14% to government

-Federal government – ability to tax the most

26
Q

Three main transfer payments (equalizing wealth) include: (where federal transfer money to provinces)

A
  • Canada’s health transfer (CHT) -pays for health services
  • Canada social transfer (CST)- pays for education/social services
  • Equalization program -every 5 years -agreement between federal government and all provinces whereby provinces that are economically wealthier/fiscally healthier transfer part of fiscial revenue to federal government who transfers it to poorer/less healthy economy – idea is to equalize provision of services across Canada (receive same level of health and education services) -designed through a formula

Providers of Interest –> Customer and Competitor

27
Q

Governments as regulators:

A

· Protect Canadian interests
· Create competition -make sure it’s fair for all
· Protect the consumer – products they receive
· Promote social programs
· Protect the environment -have to be approved to proceed

28
Q

Governments as providers of essential services:

A

· Reliable National Defense (fire, police, ambulance)
· Transportation means: roads
· Hospitals
· Economic development
· Safe drinking water
· Effective Police service

29
Q

Protecting Businesses and Consumers

A

-to regulate

30
Q

Patents:

A

gives an inventor (of good or service) the exclusive right to manufacture, use and sell an invention for 20 years

· Need to meet requirements of being new, unique and useful to society
· Protects authors, inventors and creators – if wish to profit

Includes: printed material (books, magazine articles, lectures), works of art (art, photographs, and movies), computer/iPhone aspects, new way of making concrete, different pharmaceuticals, etc.

31
Q

Trademarks:

A

a design, name, or other distinctive mark that is used to identify products. (be protective e.g. pop – difference comes from name, design, distinctive mark, etc.
* Creates uniqueness in the minds of consumers -might not tangibly be there
-e.g. nike trademarked, so is the swoosh

32
Q

Consumer Protection

A

puts pressure on government to make sure proper regulations are in place to ensure fairness

33
Q

Consumerism

A

reflects the struggle for power between buyers and sellers. Movement seeking to increase rights and power.

34
Q

Warranties

A

· Product Liability Law
· Competition Act: Parallel pricing (prices set- companies work together- e.g. maple syrup -only certain quotas allowed in market to protect the price of it- lead to other jurisdictions becoming major competition) -act moves against this

· Quota selling
· Market sharing
· Product specialization

35
Q

Bankruptcy

A
  • The legal act by which individuals or businesses that cannot meet their financial obligations are relieved of some, if not all, of their debt.
    -trade off – individuals wouldn’t be able I get credit/loans for certain amount of years
    -business can have time to reorganize themselves to see if they can become profitable
36
Q

Deregulation

A
  • The removal of rules and regulations governing business competition : try to ease burden, let them deliver better products, make profit
    -too much regulation creates burden onto businesses which prevents them from focusing on their core business making goods and profits
37
Q

Taxation

A
38
Q

Income taxes

A

Based on income of businesses and individuals

39
Q

Property taxes

A

Imposed on real and personal property and based on an independent assessment (done on each specific property- given a value)

40
Q

Payroll taxes

A

Collected by the employer and remitted to the federal government (DEDUCTIONS) -see income taxes, CPP, EI, taken off = employer pays a portion and your labour- go to fed gov.

41
Q

Sales taxes

A

Levied on goods and services when they are sold (PERCENTAGE OF THE PRICE) SK 14% between PST and GST

42
Q

Excise taxes

A

Taxes imposed on specific items like gasoline, alcohol, and tobacco – mitigate overuse, enviro

43
Q

The Future of Politics

A

· Increased interest and investment in clean technology projects (as become more important to businesses)
· Increased need for skilled labour – Immigration and Indigenous engagement (need to be welcomed in)
· Governments are expecting more transparency in marketing, operations, and corporate social responsibility (grocery- more transparency in advertising)
· Capitalizing on public-private partnerships (P3s) to harness innovation and access to capital for public infrastructure projects (public transportation project- downtown arena project in saskatoon)
· Lack of confidence in markets -employment levels, housing market
· An impactful and tumultuous time

44
Q

What are the primary responsibilities of the federal government in Canada?

A

Overseeing the wellbeing of the country, including authority over money and banking, defense, trade, criminal law, and employment.

45
Q

What responsibilities do provincial and territorial governments have?

A

Protecting citizens’ rights in areas such as labor law, education, healthcare, natural resources, and the environment.

46
Q

What services are typically provided at the municipal level of government?

A

Services such as water supply, sewer, and waste collection.

47
Q

Why do governments provide intellectual property (IP) protection?

A

To protect inventors’ rights and stimulate economic growth by encouraging innovation.

48
Q

What is a patent?

A

A patent grants an inventor exclusive rights to manufacture, use, and sell their invention for a specified time in a certain region, requiring public disclosure of the invention.

49
Q

What issue can arise from public exposure of patented ideas?

A

Patent infringement, where others may steal ideas if the inventor cannot monitor or defend their intellectual property.

50
Q

What percentage did the Indigenous population in Saskatchewan grow between 2006 and 2011?

A

The Indigenous population increased by 20.1%.

51
Q

Which Indigenous groups are recognized in Saskatchewan?

A

First Nations, Inuit, and Métis.

52
Q

What is the distribution of the Aboriginal population across Canada?

A

Eight in ten Aboriginal people live in Ontario and the western provinces, with Ontario having the largest number.

53
Q

How many treaty territories are there in Saskatchewan?

A

There are six treaty territories, with Treaty 6 being the one mentioned.

54
Q

What are the five linguistic groups of First Nations in Saskatchewan?

A

Cree, Dakota, Dene (Chipewyan), Nakota (Assiniboine), and Saulteaux.

COMM 101 (3 decks)

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