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
