Business grade 10 > first quiz > Flashcards

first quiz Flashcards

(66 cards)

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1
Q

WHAT IS A BUSINESS?

A

A Business is an organization that produces or sells goods or services to satisfy the needs, wants and demands of consumers

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2
Q

Expenses

A

: expenditures involved in running a business

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3
Q

Profit

A

the income left after all costs and expenses are paid.

Revenue - Expenses = Profit

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4
Q

Costs

A

the amount of money required for each stage of production eg. (Energy, Rent, Inventory etc)

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5
Q

Non profit

A

Non-profit: raises funds for a specific goal Ex: GreenPeace, World Vision

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6
Q

Not-for-profit (NOT CHARITIES) :

A

A not-for-profit organization uses any surplus funds to improve the services offered to its members

They do not distribute profits to members

Consists of an independent association of persons who join together to meet economic, social, and cultural needs and goals.

Ex: Red Cross, Unicef, World Wildlife Fund

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7
Q

Small Businesses

A

Most businesses are small to medium sized:
Fewer than 500 employees
Over 1 million SMBs in Canada
Provides jobs for 60% of Canadian workforce

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8
Q

Goods:

A

A tangible item that you buy which can be seen or touched

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9
Q

Service:

A

Assistance provided or a skill that is bought, not a physical product

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10
Q

Producer

A

make goods or provide services that consumers need or want

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11
Q

Consumers

A

purchase goods or services from producers

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12
Q

Marketplace

A

where producers and consumers come together to buy or sell

A market exists wherever consumers (buyers) and producers (sellers) come together to do business.

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13
Q

WHAT IS A WANT?

A

Wants: Things that are not necessary for survival, but add comfort and pleasure to our lives

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14
Q

What is the DECISION MAKING MODEL

A

Step 1: define the decision to be made
Step 2: identify the alternatives
Step 3: Evaluate the alternatives
Step 4: make a decision and take action
Step 5: evaluate the decision

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15
Q

COMPETITION

A

Occurs when 2 or more businesses try to sell the same type of product or service to the same customer

Has a significant affect on demand and price of Goods and Services

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16
Q

What are the Three Major Groups of Markets

A

Consumer Market

Business-to-Business or Industrial Market

Stock Market

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17
Q

What is the consumer market?

A

B2C Business to consumer, people who want goods and services for personal consumption

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18
Q

What is an industrial market?

A

Business to Business, All the individuals and organizations that produce, sell, rent, or supply goods and services to other businesses.

For example, cash registers sold to the grocery store, delivery vans sold to the flower shop, gas to the gas stations, & more

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19
Q

What Impacts Consumer Needs and Wants?

A

Personality and personal interests

Individual abilities

Individual priorities and values

Individual’s stage of life

Family responsibilities

Trends and fads (may be impacted by technology, media, businesses, the environment)

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20
Q

What is a Trend?

A

A general direction or change in society that lasts a long time (3 years or more)

Ex: Eco-friendly –reusable anything, Eating local/organic products, Chemical free products (BPA free)

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21
Q

What is a fad?

A

Changes that lead to temporary or short-term adjustment (6 months to a year)

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22
Q

What are the 4 types of market segmentation to understand your target market?

A

Geographic (location, climate, population density)
Demographic (Age, Gender, Ethnicity, Race, Religion)
Psychographic (Values, Goals, Hobbies, Needs, Personality)
Behavioral (Purchasing Habits, Brand Interactions, Spending)
Habits, Customer Loyalty)

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23
Q

What are Obsolete Products or services?

A

When consumers stop buying them, the producers stop making them because there is no longer a want or need for that product
Examples: Tape players, VCRs,

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24
Q

Why do consumers have more purchasing power now?

A

Consumers now have more purchase power because of competition
Businesses compete for customers by continually improving their service

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25
What are Economics?
The social science that seeks to describe the factors which determine the production, distribution and consumption of goods and services
26
What are Economic Resources, also known as factors of production?
The means through which goods and services are made available to consumers
27
What are the three kinds of economic resources?
Three kinds: Natural Human Capital
28
Why do businesses use Economic Systems?
Resources are limited, so business often work together to develop systems so they won’t be overstretched
29
Natural Resources
Materials that come from the earth, water & air, mostly non renewable or takes decades to replenish Ex. soil, trees
30
Human Resources
Labour, People who work to create the goods and services Ex: farmers, factory workers, etc.
31
Capital Resources
Usually last for a long time & require a large investment Ex: buildings, equipment, etc.
32
What is global interdependence?
Mutual Dependence at a global level, international trades making countries depend on one another for economic survival
33
How are businesses interdependent?
Society and businesses rely on each other to satisfy consumer needs and wants Ex: Clothing Manufacturer – other businesses produce buttons, denim, thread, zippers, sewing and cutting machines
34
Example of Interdependence in a business
Relationship between logging & paper production. Tree is cut down Logs transported to a pulp & paper mill Pulp & Paper Mill Sheets of paper manufactured at the mill A tree nursery, saplings are planted to reforest
35
What is Demand?
the quantity of a good or service that consumers are willing and able to buy at a particular price
36
What is supply?
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
37
What is the law of demand?
f prices go down consumers buy more so demand goes up If prices go up consumers buy less so demand goes down
38
What is the LAW OF SUPPLY?
As price goes up supply goes up because businesses willing to make more and earn a larger profit As price goes down supply goes down businesses not willing to make more
39
What are Conditions that Affect Supply
the cost of producing or providing a good or service the price consumers are willing to pay for it
40
What are Factors that change Supply
Number of producers Changes in price (prices attract or deter sellers) Changes in technology Changing expectations for the future Changing production costs
41
Factors that Can Affect Demand
Change in consumer income Change in consumer tastes/preferences Change in future expectations Change in population
42
Conditions that Create Demand
Consumer Awareness (advertise/marketing) Supply (inventory) Price (reasonable and competitive) Accessibility (available to purchase)
43
Conditions that Affect Demand
Changing consumer income Changing consumer tastes Changing expectations for the future Changes in population
44
What is equilibrium?
Equilibrium: when supply and demand are equal, this is the goal of the economy.
45
What is a need
Things that are necessary for living
46
What is a want
Things that are not necessary for survival, but add comfort and pleasure to our lives
47
What is Maslow's Hierarchy of needs?
Created by Abraham Maslow, a broad spectrum of human psychological needs rather than on individual psychological problems.
48
What are Maslow's 5 hierarchy of needs in order of most needed to least
Physiological needs (water, sleep, food) Safety needs (shelter, security, and protection) Belongingness needs (love, friendship, and acceptance) Ego needs (self-esteem, achievement, confidence, and independence) Self-actualization (fulfillment, purpose, creativity, living life to it's full potential)
49
What are the 4 main types of buisness ownership:
Sole Proprietorship Corporation Partnership Co-operatives
50
What is sole proprietorship?
Any individual who owns and operates an unincorporated business single-handedly, without partners, is operating a sole proprietorship. The person is the business Examples of sole proprietorships include small business owners like freelance writers, photographers, bakers, handymen, and consultants, as well as small retail shops, food trucks, and even single-location professional practices such as dentists or tutors.
51
Advantages of Sole proprietorship
-own boss -easy to start and end -profits directly to owner
52
Disadvantages of Sole proprietorship
- Has to take unlimited liability alone - Financing is difficult -owner may not be expert in all areas required to start a business
53
What is a partnership Business?
These businesses where partners, two or more, share profits, losses, and liability, or as a limited partnership (LP), which allows for limited partners with reduced liability and involvement. Distinct from corporations because they are not separate legal entities and the partners are personally responsible for the business's debts and obligations Examples of non-incorporated partnership businesses include a group of freelance consultants working together under a joint agreement, a local restaurant with two owners, or a small retail store where friends pool resources and share profits.
54
Advantages of Partnership
-more capital + financing -shared responsibilities
55
Disadvantages of Partnership
-unlimited liability in general partnership -partnership disagreements may cause breakage
56
What is a corporation
Corporations are distinct legal entities from their owners, able to raise capital and operate with a lasting existence. They are owned many shareholders, one vote per share and has a board of directors Examples of corporations include well-known global brands such as Amazon, Apple, Microsoft, General Motors, and McDonald's, all of which are public corporations.
57
Advantages of a Corporation
-limited liability -transfer of ownership is simple
58
Disadvantages of a Corporation
-timely and costly startup -if own only a few shares not a lot of influence
59
What are the 2 different types of corporations?
Public and Private: Public corporations allow for anyone to purchase shares/stock in the company on an exchange. Private corporations also exist. Purchasing shares exists on the grey market to very few specific individuals or firms.
60
What is Co-operative ownership
A cooperative (or co-op) is a business jointly owned and democratically controlled by its members, who use its products or services. Unlike investor-owned businesses, a co-op's priority is to meet the collective needs of its members, rather than to generate profit for external shareholders. Key principles include voluntary and open membership, democratic member control (one member, one vote), member economic participation, and sharing surpluses based on use, fostering equality, solidarity, and community focus.
61
Advantages of Co-operative ownership
-less expensive products -easily set up
62
Disadvantages of Co-operative ownership
-decision-making process difficult
63
What is a franchise?
Franchising is a business model where an individual operates their own location of a larger, more established company. The franchise model provides a proven business system and brand recognition to franchisees, who operate individual locations while adhering to the franchisor's standards. Examples of franchise businesses include fast-food giants like McDonald's, Subway, and KFC, as well as retail and service businesses like 7-Eleven, or even gas stations.
64
Advantages of Franchising
-brand recognition -shared marketing -training and support
65
Disadvantages of Franchising
-franchise fee -monthly fee -requirement to buy from franchiser
66
What are the 4 types of businesses?
1. Service Performs a task for other businesses or consumers 2. Retail Buys and sells products from a producer to consumer 3. Manufacturing Makes a product from raw materials or component parts, sells to a consumer or distributor 4. Not for profit Meets the needs of a community
Business grade 10
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