Unit 1 Flashcards
What is the profit equation?
Profit = Revenue – Expenses
Is a glass of water considered a want?
No
How many owners does a sole proprietorship have?
One
Who owns and operates a Crown Corporation?
The Government
_________________ means the owner is responsible for claims against the business that goes beyond the amount invested and can extend to personal assets.
Unlimited Liability
Which types of business ownership sell their shares on a public stock exchange?
A Corporation
What are the 3 types of corporations?
Public, Private & Crown
What are the 3 kinds of economic resources?
Natural, Human & Capital
Is a doctor an example of a capital resource?
No
What does E-commerce stand for?
Electronic Commerce
A moral problem that occurs when a business has a decision to make that weighs values and morals against profitability and competitiveness is called …
An Ethical Dilemma
An employee who informs company officials or the public about a legal or ethical violation that has occurred in their workplace is called …
A Whistleblower
True or False: Fraud is the crime of lying or pretending.
True
Buying or selling of company shares based on confidential information that is not available to the general public is known as …
Insider Trading
What 3 basic rights do workers have in the workplace?
To refuse unsafe work, to participate in workplace health and safety activities and to know about actual workplace hazards.
All the business transactions necessary for creating, shipping and selling goods and services across national borders is called …
International Business
One of the disadvantages to International Trade are the hidden costs of doing business that have a negative impact on people or the environment. These costs are called …
Social Costs
True or False: An import is a good or service produced in Canada but sold in another country.
False
An agreement between countries which allows goods and services to flow more freely across their borders, such as the NAFTA or CUSMA, is called …
A Trade Agreement
The relationship between a country’s total imports and total exports is known as …
The Balance of Trade
The people who buy goods and services are known as …
Consumers
Businesses that make products or provide services are known as …
Producers
True or False: Wants are items necessary for survival such as food, clothing or shelter.
False
The quantity of the good or service that consumers are willing and able to buy at a particular price is referred to as …
Demand
_________ is the quantity of good or service that businesses are willing and able to provide within a range of prices that people are willing to pay.
Supply
Who licenses the rights to its name, operating procedure, designs and business expertise to another business?
The Franchiser
Start up money for a business is available through two kinds of sources. What are those two sources?
Debt Financing and Equity Financing
_________ is the relocation of some of a company’s operations to another country.
Offshoring
What is it called when one company combines with or takes over ownership of another company?
A Merger
_________ are the rules that help us tell the difference between right and wrong, and encourage us to do the right thing.
Ethics
A business that is concerned about how they protect consumers and the treatment of their employees and shareholders is demonstrating __________________.
Corporate Social Responsibility
__________ refers to those behaviours that are found to be threatening or disturbing, those that are not acceptable in society.
Harassment
__________ is the practice of helping producers in developing countries bypass middlemen so they can sell their goods in other countries for a fair profit.
Fair Trade
An invisible barrier often facing women, disabled or those from visible minority groups as they approach senior management positions is called …
The Glass Ceiling
Selling a pair of Roots track pants made by Roots to a Canadian resident is considered what type of transaction?
A Domestic Transaction
What kind of labour is defined as regular employment of children under the age of 16?
Child Labour
A form of tax charged on certain imports, and used by the government to help manage trade are called …
Tariffs or Custom Duties
- An ______________ is a tax on the manufacture, sale or consumption of a product within a country.
Excise Tax
