Unit 1 - Buisness Functions Flashcards
What is a buisness?
A buisnsess is an organization that produces goods or services to meet the needs, wants, and demands of their consumers for the purpose of making a profit or not.
What is the role of the consumer?
The role of the consumer is what goods they want, when they want them, and how much they are willing to pay for them.
What are needs and wants?
1) Needs = Are goods and services that are required for survival. (Water and food.)
2) Want = Are goods and serivces that enhance someone´s life. (Tv and vacations.)
What are fads and trends?
1) Fads = Are a short term craze that becoome popular and unpopular quickly, that people follow and drop quickly. (Ice Bucket Challenge and Slime)
2) Trends = A general direction that society moves in that lasts for a long time. (Cars and quitting smoling)
What are the 3 types of buisnesses?
1) Service buisness = Generates a profit by doing something for other buisnesses. (Airlines and movie thetres.)
2) Retail buisness = Generates a profit by selling things. Typically purchasing things from a manufacuter and then selling it. (Department or grocery stores.)
3) Manufacturing buisness = Generates a profit by producing producing products from raw materials for component parts and then selling it to retailers. (Appliance or car manufacturing stores.)
What is Maslows Hierarchy of Needs?
Please Stay Safe Everyone Shines
1) Pshycological needs = Basic needs of survival. (Food, water, and clothing.)
2) Safety needs = Goods and services that fullfill you need for safety. (Locks and keys, shelter, and emergency systems.)
3) Social belonging and love needs = Goods and services that make you feel loved and accepted by others. (Dating, latest fashion item, smartphones.)
4) Esteem needs = Goods and services that makes you feel respected by others and gives you a sense of fullfillment and achievement. (Higher education, job status/position.)
5) Self-accutalization needs = Goods and services that gives you inner peace and fullfillment with expecting anything in return. (Dontating and volunteering.)
What is supply and demand?
1) Supply = The quantity of goods and services that sellers and willing to provide for their customers.
2) Demand = The quantity of goods and services that the market is willing to buy.
What are the three different ways that businesses can be classified?
1) Size - How big? Local, international, etc.
2) Structure - Type of buisness ownership, and sales format/
3) Role in community - For profit or not for profit.
What are the three different ways that businesses can be classified?
1) Make money
2) Provide goods and services
3) Satisfy consumer needs and wants
List the two groups that the marketplace is made up of.
Producers and consumers
List two examples of marketplaces.
Facebook Marketplace and Amazon
List two examples of competition.
1) McDonalds vs. Burger King
2) Apple vs. Samsung
List two examples of obsolete products.
Typewriters and DVDs
How do businesses know what need or want is in demand?
They look out for trends and fads
What is the law of demand? List three factors that can impact demand.
The law of demand is as the price of a good or service increases, the consumer demand will decrease and vice versa.
- Factors: Change in price, population, and taste or prefrence.
What is the law of supply? List three factors that can impact supply.
The law of supply is as the price of a good or service increases, so does the quantity offered and vice versa.
- Factors: Changes in technology, production cost, and changes in the environment
What can happen if supply does not meet demand?
If supply does not meet demand, there could be a shortage of products, higher prices, and waiting lists.
Is unethical behavior always illegal? Explain
No, unethical behaviour is not always illegal. This is because, some actions are known to be unethical but are still legal, like being mean to a classmate or co-worker or not returning a lost item.
What are three of the tests that you could use to help you resolve an ethical dilemma?
1) Legality test = Are your actions legal?
2) Benefit-cost test = Does the benefits outweigh the cost of whoever is impacted.
3) Light of day test = What would you do if your actions were brought out in the light?
Name three businesses that you believe are socially responsible and say how.
1) TOMS Shoes - Has a “One for One” message where when someone buys a shoe they give one out for someone in need.
2) Tom and Jerry’s - Promotes social justice and enviromental sustainability.
3) Pantagonia - Promotes environmental sustainability and uses recycled materials in their clothes.
How is a business considered international?
OEI
- If they OWN a buisness in another country.
- Export to a buisness in another country.
- Invest in a buisness in another country.
List the five P’s of international business.
Prefrence, promotion, product, price, and proximity.
- What are two pros and two cons of trade?
Pros = Allows us to buy goods that we cannot grow or manufacture in Canada. And gives a lot of job oppurtunities.
Cons = Dependency on the global market and job losses.
Who do we mostly trade with?
USA and China
