COMM 101 > Module 1: Intro > Flashcards

Module 1: Intro Flashcards

(54 cards)

Study These Flashcards
1
Q

Business

A

form of an organization that strives for a profit by providing goods and services to satisfy society’s needs (interchangeable with company and organization)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Goods

A

are tangible items manufactured by businesses, such as tablets, fridge, cars (physically - can touch/see -tangible)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Services

A

are intangible offerings that we experience. Such as hospitals, governments, lawyers, restaurants (medical/legal services, food- being served is a service)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Revenue

A

the money a company earns from providing services or selling goods to a customer (government revenue through taxes)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Costs

A

Expenses for rent, mortgage, salaries, labour, supplies, transportation and many other items that a business incurs from creating and selling goods and services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Profit

A

the money left over after all expenses are paid (revenue compared to cost- positive if money left over= profit, cost too much – negative= deficit)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Standard of living

A

Measurement of outputs of products (private-business/free enterprize and public- government/crown agencies) that people can buy with the money they have. [impacts the quality of life]

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Quality of life

A

General level of human happiness. How do we measure happiness? Gross national happiness

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Risk

A

The chance that an investments actual return will be different than expected. Potential for losing resources (i.e. time, money) or be unable to accomplish organizational goals. [risk of failure or losing resources even if meet goal]

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Not for Profit Organization

A

Remember… not all businesses pursue profits… An Organization that typically exists to achieve a social goal or goals as opposed to the usual business goal of profit [lots of time can turn a profit -revenue exceeds costs – reinvested back into organization or donated] e.g. big brother big sisters saskatoon
-social enterprises

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Business Offers Many Benefits

A
  • Array of goods/services, employment, quality of life
  • Good competition
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Business Offers Many Concerns

A
  • Profit vs. social concerns – health and safety, environment, social disruption (is good/services disrupting other industries, etc.)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Five factors affect the business environment:

A
  1. Economic
  2. Competitive
  3. Global
  4. Technology
  5. Social
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q
  1. Economic
A

Size and health of economy must be considered when making business decisions -is it growing/shrinking – labour market? → lots of available labour more affordable or is it a tight labour market (may have to pay higher wages to attract and retain employees)
-inflation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q
  1. Competitive
A

High levels of competition force businesses to cut costs, develop new products, increase marketing efforts
-low levels – create a monopoly, can harm market- higher prices, less available

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q
  1. Global
A

Access to global markets increases competition and need to enhance skills -skills needs to meet demands, cultural aspects need to be understood

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q
  1. Technology
A

Technology innovation has changed how businesses produce and distribute goods and how we communicate.
-rise of social media, internet, etc.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q
  1. Social
A

Changes in demographics influences what products companies offer -changes in beliefs of society change – e.g. environmental

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Federal Government has the Authority over: (constitutional authority)

A
  • Money and Banking
  • Trade Regulations
  • External Relations
  • Defense
  • Criminal Law
  • Employment Insurance (national programs)
  • Copyrights (legal aspects)
  • Transportation (certain industries)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Canada’s financial system

A

is regulated and wealth is collected, transferred and spent to provide Canadians with one of the highest standards of living
-federal collect more taxes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Provincial and Territorial Governments: Protecting Rights
Responsibilities:

A

· Administration of labour laws
· Education
· health and welfare
· protection of property and civil rights
· natural resources (provinces control own natural resources)
· environment

Labour law includes minimum working standards such as minimum wages, vacations, statutory holidays and overtime

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Municipal Governments: Delivering the Services

Study These Flashcards
A

-3rd level of government (local government)

23
Q

Deliver services such as:

Study These Flashcards
A
  • Water
  • Sewer
  • Waste Collection
    -hydro (saskatoon)

-collect property taxes – municipal
-local -more bylaws

24
Q

Encourages:

Study These Flashcards
A
  • Economic Development
    BYLAWS = REGULATION
25
Governments’ Other Roles Governments as tax agents:
-Income taxes, sales taxes, property taxes and sin taxes (alcohol, gambling, tobacco, cannabis) -The federal government provides significant financial support to assist the provinces and territories to provide the program and services they are responsible for in the form of transfer payments. -Gst, pst, hst (harmonized sale tax) -SK – pay 14% to government -Federal government – ability to tax the most
26
Three main transfer payments (equalizing wealth) include: (where federal transfer money to provinces)
* Canada’s health transfer (CHT) -pays for health services * Canada social transfer (CST)- pays for education/social services * Equalization program -every 5 years -agreement between federal government and all provinces whereby provinces that are economically wealthier/fiscally healthier transfer part of fiscial revenue to federal government who transfers it to poorer/less healthy economy – idea is to equalize provision of services across Canada (receive same level of health and education services) -designed through a formula Providers of Interest --> Customer and Competitor
27
Governments as regulators:
· Protect Canadian interests · Create competition -make sure it’s fair for all · Protect the consumer – products they receive · Promote social programs · Protect the environment -have to be approved to proceed
28
Governments as providers of essential services:
· Reliable National Defense (fire, police, ambulance) · Transportation means: roads · Hospitals · Economic development · Safe drinking water · Effective Police service
29
Protecting Businesses and Consumers
-to regulate
30
Patents:
gives an inventor (of good or service) the exclusive right to manufacture, use and sell an invention for 20 years · Need to meet requirements of being new, unique and useful to society · Protects authors, inventors and creators – if wish to profit Includes: printed material (books, magazine articles, lectures), works of art (art, photographs, and movies), computer/iPhone aspects, new way of making concrete, different pharmaceuticals, etc.
31
Trademarks:
a design, name, or other distinctive mark that is used to identify products. (be protective e.g. pop – difference comes from name, design, distinctive mark, etc. * Creates uniqueness in the minds of consumers -might not tangibly be there -e.g. nike trademarked, so is the swoosh
32
Consumer Protection
puts pressure on government to make sure proper regulations are in place to ensure fairness
33
Consumerism
reflects the struggle for power between buyers and sellers. Movement seeking to increase rights and power.
34
Warranties
· Product Liability Law · Competition Act: Parallel pricing (prices set- companies work together- e.g. maple syrup -only certain quotas allowed in market to protect the price of it- lead to other jurisdictions becoming major competition) -act moves against this · Quota selling · Market sharing · Product specialization
35
Bankruptcy
* The legal act by which individuals or businesses that cannot meet their financial obligations are relieved of some, if not all, of their debt. -trade off – individuals wouldn’t be able I get credit/loans for certain amount of years -business can have time to reorganize themselves to see if they can become profitable
36
Deregulation
* The removal of rules and regulations governing business competition : try to ease burden, let them deliver better products, make profit -too much regulation creates burden onto businesses which prevents them from focusing on their core business making goods and profits
37
Taxation
38
Income taxes
Based on income of businesses and individuals
39
Property taxes
Imposed on real and personal property and based on an independent assessment (done on each specific property- given a value)
40
Payroll taxes
Collected by the employer and remitted to the federal government (DEDUCTIONS) -see income taxes, CPP, EI, taken off = employer pays a portion and your labour- go to fed gov.
41
Sales taxes
Levied on goods and services when they are sold (PERCENTAGE OF THE PRICE) SK 14% between PST and GST
42
Excise taxes
Taxes imposed on specific items like gasoline, alcohol, and tobacco – mitigate overuse, enviro
43
The Future of Politics
· Increased interest and investment in clean technology projects (as become more important to businesses) · Increased need for skilled labour – Immigration and Indigenous engagement (need to be welcomed in) · Governments are expecting more transparency in marketing, operations, and corporate social responsibility (grocery- more transparency in advertising) · Capitalizing on public-private partnerships (P3s) to harness innovation and access to capital for public infrastructure projects (public transportation project- downtown arena project in saskatoon) · Lack of confidence in markets -employment levels, housing market · An impactful and tumultuous time
44
What are the primary responsibilities of the federal government in Canada?
Overseeing the wellbeing of the country, including authority over money and banking, defense, trade, criminal law, and employment.
45
What responsibilities do provincial and territorial governments have?
Protecting citizens' rights in areas such as labor law, education, healthcare, natural resources, and the environment.
46
What services are typically provided at the municipal level of government?
Services such as water supply, sewer, and waste collection.
47
Why do governments provide intellectual property (IP) protection?
To protect inventors' rights and stimulate economic growth by encouraging innovation.
48
What is a patent?
A patent grants an inventor exclusive rights to manufacture, use, and sell their invention for a specified time in a certain region, requiring public disclosure of the invention.
49
What issue can arise from public exposure of patented ideas?
Patent infringement, where others may steal ideas if the inventor cannot monitor or defend their intellectual property.
50
What percentage did the Indigenous population in Saskatchewan grow between 2006 and 2011?
The Indigenous population increased by 20.1%.
51
Which Indigenous groups are recognized in Saskatchewan?
First Nations, Inuit, and Métis.
52
What is the distribution of the Aboriginal population across Canada?
Eight in ten Aboriginal people live in Ontario and the western provinces, with Ontario having the largest number.
53
How many treaty territories are there in Saskatchewan?
There are six treaty territories, with Treaty 6 being the one mentioned.
54
What are the five linguistic groups of First Nations in Saskatchewan?
Cree, Dakota, Dene (Chipewyan), Nakota (Assiniboine), and Saulteaux.
COMM 101
flashcards
Decks in class (3)
# Cards
Brainscape helps you reach your goals faster, through stronger study habits.
© 2026 Bold Learning Solutions. Terms and Conditions