Quiz 1 Flashcards
4 Functions of Management
(1) Planning (2) Leading (3) Organizing (4) Controlling
Canadian Tire Case (explain how Greg Hicks functioned, 4 functions)
P: improved digital e commerce for COVID
L: united and motivated to sell product even through COVID
O: providing more products based on current demands
C: made the shift to e commerce a priority
Types of Managers
Top Management (store owner)
Middle Management (store manager)
First-line Management (shift supervisor)
Basic Management Skills
technical skills, HR skills, conceptual skills, time management skills, decision making skills
Contingency planning
identifying changes that may occur in advance
Crisis management
methods for dealing with emergencies
Aggregate output
sum of all goods and services produced in an economy over a period of time
Business cycle
cycle of fluctuation of GDP around its natural growth rate
GDP (gross domestic product)
the value of the product created through goods and services in a country
GDP per capita
the GDP in a country divided by its total population
Real GDP
the GDP in the country while taking into account the inflation adjusted calculation
GNP
gross national product is the value of the goods and services owned by a country’s citizen no matter if they’re in the country or not
Purchasing power parity
the rates of currency in countries and their power to purchase through different currencies
Balance of trade
the difference in value between a country’s imports and exports
Inflation/ Deflation
inflation: prices increase and purchasing power decreases
deflation: downward movement of the general prices of the goods and services
CPI (consumer price index)
a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services
Unemployment rate
the number of unemployed people as a percentage of the labour force
Monetary policy
adjusting the supply of money in the economy to achieve some combination of inflation and output stabilization
Fiscal policy
the use of government spending and taxation to influence the economy
National debt
the total amount of money that a country’s government has borrowed
Globalization
the process by which the world economy is becoming a more interdependent system
PEST meaning
P: legal and political aspects
E: economic aspects
S: social and cultural aspects
T: technological aspects
Quota
limitations on importation of a product class
Embargo
forbidding export/import from a nation
Tariffs
a tax on imported goods
Subsidies
government financial assistance for domestic firms
Protectionism
protects domestic businesses to support those industries for national security reasons
