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Intro to Business > What is Business? (Unit 1) > Flashcards

What is Business? (Unit 1) Flashcards

1
Q

Need

A

An item necessary for survival

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2
Q

Want

A

An item that is not necessary for survival but that adds pleasure/comfort to life

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3
Q

Good

A

At tangible item that can be felt by our senses

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4
Q

Service

A

Providing assistance to other without providing a product

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5
Q

Not-for-Profit Organization

A

Organization that is not seeking a profit for its business operations

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6
Q

Natural Resources

A

Raw materials that came from the Earth, Water and Air

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7
Q

Human Resources

A

People who work to create the good and services

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8
Q

Capital Resources

A

Resources that last for a long time and require investment from the business

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9
Q

Entrepreneurial Ability

A

Person who takes the initiative to combine resources to produce goods

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10
Q

Entrepreneur

A

People who start their own business to solve a problem or take advantage of an opportunity

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11
Q

Enterprising People

A
  • Contribute to other peoples ventures instead of starting their own venture
  • Bring entrepreneurial characteristics to their workplace
  • Save businesses time and money, and create new ideas
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12
Q

Entrepreneurial Characteristics

A
  1. Risk taker
  2. Perspective
  3. Confused
  4. Imaginative
  5. Persistent
  6. Goal-setting
  7. Hard working
  8. Self-confident
  9. Flexible
  10. Independent
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13
Q

Invention

A

Creation of something brand new - a product or process that does something that has never been done before
- Solve “what if” questions

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14
Q

Innovation

A

A change to something that already exists;

  • Using a new technology, materials or processes to improve existing products
  • Solve “what if” questions
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15
Q

Techniques used by Innovators

A
  • Change how the product is used
  • Change the packaging
  • Change the design
  • Change the manufacturing process
  • Change the marketing process
  • Change the distribution channels/process
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16
Q

Benefits of Inventions and Innovations

A
  • Simplify tasks
  • Speed up processes
  • Increase comfort / increase productivity
  • Improve safety
  • Enable new things
  • Lead to new discoveries
  • Technology improvements = more potential for inventions and innovations
17
Q

Patents

A

Government provided grant that gives the invention creator the right to make, use and sell their invention for. some time (10 years in Canada)

18
Q

Copyright

A

Protects literary works, musical works, artistic works and software
- Last for author life + 50 years

19
Q

Trademarks

A

Words, symbols or designs used to identify a product or company and distinguish it from others (15 years)

20
Q

Licensing

A

When the inventor allows another business to use their invention for a royalty (fee)

21
Q

Maslow’s Hierarchy of Needs

A

https://www.simplypsychology.org/Maslows-Hierarchy-of-Needs.jpg

22
Q

Demand

A

Quantity of goods or services that consumers are willing and able to buy at a certain price`

23
Q

Law of Demand

A

Inverse relationship between price and demand - as price decreases, quantity demanded will increase

24
Q

Factors Changing Quantity Demanded

A
  • Change in consumer income
  • Change in consumer tastes
  • Changes in future expectations
  • Population change
25
Q

Supply

A

Quantity of goods or services that business are willing and able to provide at a certain price

26
Q

Law of Supply

A

Direct relationship - as price increases, produces are will increase the quantity supplied

27
Q

Factors Changing Quantity Supplied

A
  • Change in number of producers
  • Change in the price of related goods
  • Change in technology
  • Change in cost of production
28
Q

Scarcity Equation

A

Needs + Wants > Available Resources

29
Q

Basic Economic Questions

A
  • What will be produced
  • How will it be produced
  • For whom will it be produced
30
Q

Traditional Economy

A
  • When beliefs, customs, religion and tradition shape what good and services are produced by the economy
  • Bartering leads to little surplus

Intro to Business (3 decks)

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