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business grade 10 > unit 1 > Flashcards

unit 1 Flashcards

1
Q

what is a producer?

A

provide businesses that make goods or services.

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2
Q

what is a consumer?

A

people who use the goods or services provided by businesses.

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3
Q

what is a marketplace?

A

any location where producers and consumers come together.

ex: malls, farmer’s market, restaurant

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4
Q

what is a trend?

A

a general direction in society that may last for a long time

  • major impact on consumer buying habits
  • safe and more predictable investment
  • businesses prefer to invest in trends
    ex: crowdfunding, iPhones, self-checkouts
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5
Q

what is a fad?

A

a craze that people take up very quickly and then drop as quickly. consumers don’t have a long term commitment to fads and it’s more risky for a business
ex: fidget spinners, silly bands, rainbow loom

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6
Q

what is an obsolete?

A

a product or service that consumers no longer want because it has become outdated or has been replaced by a new and improved product

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7
Q

what are wants?

A

things that are more extra in your life. you don’t need them to survive but they make your life more pleasant.
ex: phones, cars, designer clothes

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8
Q

what are needs?

A

things you must have in order to stay alive.

ex: food, water, shelter, clothes

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9
Q

what is Maslow’s Hierarchy of Needs?

A

a theory of human motivation. he developed a hierarchy of needs. once lower needs are met, people move onto the next needs.
- needs are their motivators

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10
Q

How do advertisers use Maslow to help create ads?

A

they try to make ads that will convince people that the product will fulfill various levels of the needs people feel they need to have.

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11
Q

label the Maslow pyramid:

A

top to bottom (small to big)

level 5: self actualization
level 4:esteem needs
level 3: belongingness and love needs
level 2: safety needs
level 1: biological and physiological needs
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12
Q

example of physiological needs:

A
  • oxygen
  • water
  • food
  • sleep
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13
Q

example of safety needs:

A
  • free from abuse
  • security
  • law
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14
Q

example of love needs:

A
  • acceptance
  • dating
  • sense of love
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15
Q

example of esteem needs:

A
  • status
  • responsibility
  • reputation
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16
Q

example of self actualization needs:

A
  • personal growth
  • fulfilment
  • self aware
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17
Q

Sole Proprietor adv and disadv:

A

adv:

  • be your own boss
  • easy to start and end
  • profits go to the owner

disadv:

  • unlimited liability
  • financing may be difficult
  • owner may not be familiar with all aspects of business
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18
Q

Partnership adv and disadv:

A

adv:

  • more capital and financing
  • shared responsibilities

disadv:

  • unlimited liability in general partnerships
  • partner disagreements
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19
Q

Corporation adv and disadv:

A

adv:

  • limited liability
  • transfer of ownership is simple

disadv:

  • timely and costly start-up
  • people who own only a few shares do not have much influence on how the company is run
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20
Q

Co-operatives adv and disadv:

A

adv:

  • less expensive goods/services
  • easily set up

disadv:
- decision-making process could be difficult

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21
Q

Franchise adv and disadv:

A

adv:

  • brand recognition
  • less expensive cost of products
  • uniform quality of products
  • support from franchisor (ready made business)

disadv:

  • expensive to purchase
  • monthly & advertising fees
  • little/no control over menu and prices
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22
Q

what are the three different types of corporations?

A
  • private
  • public
  • crown
23
Q

what is a sole proprietor?

A

a sole proprietorship is a business owned by one person.

- unlimited liability

24
Q

what is a partnership?

A

a business with two or more partners who share the responsibilities and profits/losses.
types:
- general (most common) – unlimited liability
- limited – limited liability

25
Q

what is a corporation?

A

a type of business owned by but existing separately from its shareholders.

26
Q

what are co-operatives?

A

a business owned by the people, or members, who buy the products or use the services that the business offers.

27
Q

what are franchises?

A

in a franchise operation, one business, the FRANCHISOR, licenses the rights of its business to another, the FRANCHISEE.

28
Q

what is unlimited liability?

A

they are liable for all business debts if the business can’t pay its liabilities.

29
Q

what is limited liability?

A

where a person’s financial liability is limited to a fixed sum, most commonly the value of a person’s investment in a company or partnership.

30
Q

what is supply?

A

the quantity of a good or service that businesses are willing and able to provide within a range of prices that people would be willing to pay

31
Q

what is demand?

A

the quantity of goods or service that consumers are willing and able to buy at a particular price

32
Q

what is shortage?

A

occurs when there is excess demand where quantity demanded is greater than quantity supplied.

33
Q

what is surplus?

A

occurs when there is excess supply where quantity supplied is greater than quantity demanded.

34
Q

what is quantity supplied?

A

as prices increase, producers will increase the quantity of goods they provide.

35
Q

what is quantity demanded?

A

as the price of a good increases, quantity demanded decreases.

36
Q

what is equilibrium?

A

it’s where supply and demand are balanced. the optimal price for both supplier and consumer

37
Q

what is price?

A

determined by supply and demand (as well as the cost of producing or providing good/service).

38
Q

what is ethical dilemma?

A

a moral problem with a choice between potential right and wrong.

39
Q

what is ethical behaviour?

A

conduct that conforms to ethics

  • individual beliefs and social standards about what is right and good
  • values, morals
40
Q

what is a code of conduct?

A

a document that explains specifically how employees should respond in certain situations. helps different people approach problems the same way.

41
Q

what are some ethical dilemmas in businesses?

A
  • expense reporting
  • pay discrepancies
  • workplace harassment
  • time theft
  • tax fraud
42
Q

what is a whistleblower?

A

when an employee informs officials/public about an illegal or ethical violation. they make their allegations internally or externally.

43
Q

what are the 6 types of fraud?

A
  • accounting fraud
  • bank fraud
  • consumer fraud
  • contract fraud
  • telemarketing fraud
  • stock market fraud
44
Q

what is domestic transaction?

A

the selling of items produced in the same country

45
Q

what is international transaction?

A

the selling of items produced in other countries. these items contribute to the global economy.

46
Q

what is a trade surplus?

A

where a country earns more from exports than it pays for imports.

47
Q

what is a trade deficit?

A

where a country pays more for imports than it earns from exports.

48
Q

what is a balance of trade?

A

a relationship between the value of imports and the value of exports. countries try to import the same total value of products that they export.

49
Q

what is offshoring?

A

the practice of hiring service providers from countries where labour costs are lower to complete some or all of the steps in the production process.

50
Q

what are the 5 p’s of international business?

A
  • preference
  • promotion
  • product
  • price
  • proximity
51
Q

what are the costs of international trade?

A
  • offshore outsourcing
  • human rights or labour abuses
  • environmental degradation
52
Q

benefits of international trade?

A
  • access to markets
  • cheaper labour
  • increased quality of goods
  • access to resources
53
Q

what are the common mistakes businesses make when they go internationally?

A
  • currency exchange rates
  • shipment methods
  • tariffs
  • production standards
  • ethical standards
  • lack of research

business grade 10 (3 decks)

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