Business Gr 10 > Terms > Flashcards

Terms Flashcards

(55 cards)

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1
Q

Business

A

An organization that produces or sells goods or services to satisfy the needs, wants, and demands of consumers

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2
Q

Profit

A

Income that is left after all costs and expenses are paid (profit=revenue-expenses and costs)

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3
Q

Profit business

A

Businesses to are run for money

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4
Q

Non-profit business

A

The primary motive is to serve the public good

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5
Q

Not for profit organizations

A

Operate to serve the interests of their members (ex. Gym memberships)

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6
Q

Crown corportions

A

An entity owned and regulated by a national or local government but structures and operated as a legal corporation

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7
Q

Small businesses

A

1-99 employees

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8
Q

Medium businesses

A

100-499 employees

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9
Q

Large businesses

A

500+ employees

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10
Q

Local business

A

Operate in a local community and serve the local community/neighbourhood

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11
Q

Provincial business

A

Operate within specific province and serve customers in other towns and cities within a single province

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12
Q

National business

A

Operate throughout an entire country and serve customers nationwide

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13
Q

International business

A

Operate in more than one country and serve customers in multiple countries globally

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14
Q

Good

A

-An item that can be seen or touched
-A material that is tangible to satisfy human needs or wants (costco)

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15
Q

Service (goods and services)

A

Assistance is provided (food delivery)

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16
Q

Corporate social responsibility

A

-The idea that organizations have obligations to act in ways that serve both their best interests and the interests of society at large by considering the social, economic, and environmental, impact of their decisions
-Conducting business in a way that is in line with society’s values

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17
Q

Stakeholders

A

The individuals, groups , and other organizations that have interest in an organization and the outcomes of its decisions/ actions

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18
Q

Fair trade

A

The trade system in which producers in developing countries bypass expensive middle men so they can sell their goods to companies in developed companies for a fair price

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19
Q

Social responsibility audit

A

Assesses an organizations accomplishments in areas of social responsibility
-criteria for evaluating social responsibility:
-Economic (is it profitable)
-Legal (does it obey the law)
-Ethical (Is it doing the right things?)
-Discretionary(does it contribute to the community)

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20
Q

Occupational Health and Safety Act (OHSA)

A

Defines the rights and responsibilities of employees in their workplace to ensure their safety and health (In ontario)

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21
Q

Abraham Maslow’s theory

A

-developed the “Hierarchy of Needs”
-You cannot move onto the next need if the previous has not been satisfied

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22
Q

Physiological needs

A

-1st level in Hierarchy of needs.
-Food,water, warmth, rest

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23
Q

Safety needs

Study These Flashcards
A

-2nd level in Hierarchy of needs
-Security, safety

24
Q

Belongingness and love needs

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A

3rd level in the hierarchy of needs

25
Esteem needs “hierarchy of needs”
Prestige and feeling of accomplishments
26
Self actualization
-Final level in hierarchy of needs -Achieving one’s full potential, including creative activities
27
Economic resources
Also known as factors of production, are the things that goods are made of -Things that allow businesses to provide a service
28
Human resources
-Sometimes referred to as labor, human resiurces are the people who work to create the goods and services.
29
Capital resources
Include buildings, equipments, a d machinery tools that usually last for a long period of time Ex. Money
30
Natural resources
Resources that come from the earth
31
Economics
The study of human decisions in using scarce resources to satisfy unlimited wants for goods and services
32
Opportunity cost
The opportunity loss of doing one thing rather than another
33
Scarcity
There is a limited number of resources that can be used to produce a limited amount of goods and services to meet unlimited human wants -What to produce, how to produce, and for whom to produce
34
Economic systems
A way of dealing with the selection, oroduction, distribution, and consumption of goods and services. -Government and business work together to encourage activity and growth in the marketplace -Three types of economic systems: Command, Market,Mixed
35
Interdependence
The reliance between different parts of a business or between different businesses themselves
36
Demand
The quantity of a good or service that buyers are willing and able to buy at all possible prices during a period of time
37
Law of demand
The higher the price of a product, the less the consumer will demand
38
Demand curve
A graph of the relationship between the price of a good and the quantity demandes
39
Supply
The amount of a good or service that producers are willing and able to offer for sale at each possible price during a given period of time
40
Law of supply
The higher the price of the product, the more the supplier will supply
41
Supply curve
A graph of the relationship between the price of a good and the quantity supplies
42
Equilibrium
At the equilibrium price, the quantity of the good buyers are willing to buy exactly balances the quantity that sellers are willing to sell
43
Surplus
The situation that results when the quantity supplied of a product exceeds the quantity demanded
44
Shortage
The situation that results when the quantity demanded for a product exceeds the quantity supplied -Generally happens because the price of the product is below the marked equilibrium price
45
Change in quantity demanded
When there is a movement along the same demand curve due to changes in own prices of the good
46
Change in demand
The demand curve shifts when the price stays the same, but some other unusual occurrence happens that pushes the demand to either increase or decrease.
47
Change in quantity supplied
When there is a movement along the same supply curve due to changes in own prices of the good
48
Change in supply
The entire supply curve shifts when the price stays the same but some other unusual occurrence happens that pushes the supply to either increase or decrease.
49
Shifts in supply reasons
-Prices of resources -Number of producers -Technology -Taxes and subsides -Expectations
50
Shifts in demand reasons
-Tastes/ preferences -Number of consumers -Price related goods, -Income -Expectations
51
Economic cycle
The economy moves in cycles. There are four main stages
52
Expansion
When the economy is growing
53
Peak
The highest point of economic growth
54
Contraction (recession)
When the economy shrinks
55
Trough
The lowest point before growth begins again
Business Gr 10
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