Unit Test 2 Flashcards
Define Natural Resources
Those raw materials that we get from the earth, the water, and the air.
Define Primary Industries
The six natural resources that everything in the world is made out of
What are the six primary industries
Agriculture
Fishing & trapping
Mining
Water
Fuel & energy
Logging and forestry
Define Raw Materials
Ingredients that are transformed into another product.
What are the two types of raw materials
Ingredients and supplies
Define ingredients vs supplies
Ingredients: raw materials that go into a product (i.e. flour, sugar).
Supplies: Raw materials used in the running of a business that do not go into the product (i.e. oil, paper towel, envelopes).
Define Processing
Processing converts raw materials into a product.
Define labour
All the physical and mental work needed to produce goods or services
What are the three main ways companies save money on labour
Automation: The use of machines.
Consolidation: Centralizing work to one major site.
Outsourcing: The practice of subcontracting work to other companies.
Define capital
The money invested in a business
Define liquid capital
capital that can be transformed into other things at any time, with minimum effort.
Ex. Cash, stocks, bonds, Accounts receivable (money other businesses owe you)
Define non-liquid capital
items a business owns that are part of the everyday operations and cannot be easily converted into liquid capital.
Ex. Machinery (i.e. industrial mixer, Zamboni),
Define intellectual property
A business’ trade secrets or the ideas and talent of its workforce
What are some examples of information required so that companies can produce goods or services competitively in a global economy
New technology
Customers
Competition
Political conditions
Sources of supply
Define management
Those who decide how best to use an organisation’s human, financial, and material resources
What are some things managers make decisions on
How to allocate the company’s resources (capital & human)
What to purchase
What to make
Whom to hire
Where to sell
Define processing
converts raw materials into a product.
Define quality control
ensuring that the product a company makes meets certain standards.
What is the International Organization for Standardization (ISO)
an organization that sets worldwide standards for numerous industries.
What’s canada’s ISO rep.
Standards Council of Canada.
ISO-certified product meets international standards and expectations in industries such as what?
Aviation
Automotive
Construction
Electronics
Health care
Medicine
Telecommunications
Metals
Define grading
Checking products for size and quality against fixed standards for the product category.
Same 5 products that would be graded
Eggs, gasoline, meat, grain, gemstones
What is the main role of the purchasing department
Buying raw materials at the best price
What is environmental racism
~Hazardous waste/Pollutants disposed of in communities of colour (ie. Black and Indigenous communities). This disproportionately impacts these communities.
~Less attention/slow response from the government
~Where you live has bearing on your health
How has production impacted the three communities discussed
~Direct - Burning of the landfill waste caused local communities to have high levels of cancer (breathing in the smoke, drinking bad water). Death of aquatic life
~Socially - Northern Plup trick the elders in the community in the 60’s to sign the deal, which lead to high rates of suicides, grief, etc.
~Indirect - Consumerism makes people buy more stuff which eventually ends up in landfills
Are the two companies discussed in the documentary (Northern Pulp and Alton Gas) acting ethically?
~Alton Gas - No, they gave protestors a “cage” area to protest and they weren’t following CSR rules about protecting the environment.
~Northern Pulp - said the people in the communities won’t be impacted which was a lie.
~Overall - They are putting profit over people
What are the three groups business jobs can be divided into
Accounting, finance, marketing
What are the 8 functional areas of human resources
Recruiting and staffing employees
Employee benefits
Employee compensation
Employee and labor relations
Human resources compliance
Organizational structure
Human resources information and payroll
Employee training and development
What are the 4 main ways to improve productivity
Training, capital investment, investment in technology, new inventory systems
What are the four main types of training
Initial Training- for new employees
Ongoing Training- for new systems/procedures
Retraining- for employees transferring to a different job
Specialized Training- for upgrading skills/education
What is capital investment
Investing money into a business can improve productivity, but it is not always a guarantee.
What is investment in technology
Technology can also improve productivity by making jobs more efficient or eliminating them altogether.
What are new inventory systems
Finding ways to make sure raw materials are available precisely when and where you need them can improve productivity.
Define management
Those who decide how best to use an organisation’s human, financial, and material resources.
Define manager
People who get things done by directing others.
What are the three levels of managers
First-Line Managers
Middle Managers
Top Managers
Examples of first-line managers
-Team leader
-Foreperson
-Assistant manager
examples of middle managers
Plant manager
-Marketing manager
-Regional manager
Examples of top managers
CEO (Chief Executive Officer)
-COO (Chief Operating Officer)
-CFO (Chief Financial Officer)
-Vice-president
-Executive director
What are the functions of management
planning, leading, organising, controlling
What does planning do in the functions of management
Setting up objectives
Direction for the organisation
(Vision+Mission)
Strategizing
Goals+Objectives
What does organizing do in the functions of management
Achieve the objectives
Organisation design
Culture
Delegating
Change Management
What does leading do in the functions of management
Influencing employee behaviours to achieve organisational objectives
Leadership
Motivation
Communications
Groups/Teams
What does controlling do in the functions of management
Establishing and implementing
mechanisms to ensure the organisations achieves its objectives
Systems and processes
Quality Control
Evaluation
Performance
What are the three leadership styles
Autocratic
Laissez-Faire
Democratic
Define an autocratic leader
A leader who makes all decisions and expects employees to do as they are told.
Define a laissez-faire leader
A leader who leaves employees alone to do their job.
Define democratic leader
A leader who encourages employees to participate in the decision-making process.
Define a union
organisation of workers (in a similar job) who join together to protect and improve their members working conditions.
Has union membership increased or decreased in the last 50 years?
Decreased
What percentage of each paycheck is usually collected for union dues?
1-1.5%
Are unions a for-profit or non-profit businesses?
non-profit
On average, how much more does a unionised employee cost employers compared to a nonunion worker?
$14.01
What are some downsides to unions?
-Communication
-Difficult to innovate because everything has to be negotiated
Why is it harder to unionise in the United States?
-Labour laws aren’t strict
-Political parties are not in favour of unions
What are some of the complaints Amazon workers are making?
-Want better working conditions
-Want change(pace of their work, parking, staff shortages, wages)
What percentage of workers are unionised in the US?
10.5%
What percentage of workers are unionised in Finland and Denmark?
65%
What are some benefits that Amazon currently offers?
-Pays tuitions for employees
-Health, dental, vision care provided
-Retirement plans
-Inductry leading pay
What are some of the reasons Amazon doesn’t want employees to unionize?
-Work production will go down which might cause Amazon to hire more workers=costly
-Want direct communication
What would happen if Amazon workers unionize?
-Ripple effect in other tech companies, and other large companies (they would want to unionize)
-Increase in costs for Amazon
-High wages, more bargaining power (for employees)
