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56 Cards in this Set
- Front
- Back
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An organization that seeks to earn profits by providing goods and services |
BUSINESS |
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What remains (if anything) after a business's expenses are subtracted from its sales revenues |
PROFIT |
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An organization that provides goods and services to customers, but does not seek to make a profit while doing so. |
NOT-FOR-PROFIT ORGANIZATION |
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The way in which a nation allocates its resources among its citizens |
ECONOMIC SYSTEMS |
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The resources used to produce goods and services: labour,capital,entrepreneurs, and natural resources |
FACTORS OF PRODUCTION |
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The mental and physical training and talents of people; sometimes called human resources |
LABOUR |
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The funds needed to operate an enterprise |
CAPITAL |
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An individual who organizes and manages labour, capital, and natural resources to produce goods and services to earn a profit, but who also runs the risk of failure |
ENTREPRENEUR
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Items used in the production of goods and services in their natural state, including land, water, mineral deposits, and trees |
NATURAL RESOURCES |
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Information such as market forecasts, economic data, and specialized knowledge of employees that is useful to a business and that helps it achieves its goals |
INFORMATION RESOURCES
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An economic system in which government controls all or most factors of production and makes all or most production decisions |
COMMAND ECONOMY |
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An economic system in which individuals control all or most factors of production and make all or most production decisions |
MARKET ECONOMY |
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A type of command economy in which the government owns and operates all industries |
COMMUNISM |
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A kind of command economy in which the government owns and operates the main industries, while individuals own and operate less crucial industries |
SOCIALISM
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An exchange process between buyers and sellers of a particular good or service |
MARKET |
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Firms buy resources that they need in the production of goods and services |
INPUT MARKET |
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Firms supply goods and services in response to demand on the part of consumers |
OUTPUT MARKET |
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An economic system in which markets decide what, when, and for whom to produce |
CAPITALISM |
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An economic system with elements of both a command economy and a market economy; in practice, typical of most nations' economies |
MIXED MARKET ECONOMY |
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The transfer of activities from the government to the private sector |
PRIVATIZATION |
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The transfer of activities from private firms to the government |
NATIONALIZATION |
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A reduction in the number of laws affecting business activity |
DEREGULATION |
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Regulates and supervises all aspects of the Canadian broadcasting system |
CANADIAN RADIO-TELEVISION AND TELECOMMUNICATIONS COMMISSION (CRTC) |
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Prohibits a variety of business practices that lessen competition |
COMPETITION ACT |
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Prohibits cigarette advertising on billboards and in retail stores and assigns financial penalties to violators |
TOBACCO ACT |
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Sets standards of accuracy for weighing and measuring devices |
WEIGHTS AND MEASURES ACT |
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Regulates the labelling, sale, importation, and advertising of consumer textile articles |
TEXTILE LABELLING ACT |
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Prohibits the sale of food unfit for human consumption and regulates food advertising |
FOOD AND DRUG ACT |
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Regulates banned products and products that can be sold but must be labelled as dangerous |
CANADA CONSUMER SAFETY ACT |
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Controls water quality in fresh and marine waters of Canada |
CANADA WATER ACT |
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Regulates the discharge of harmful substances into water |
FISHERIES ACT |
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Establishes regulations for airborne substances that are a danger to human health or to the environment |
ENVIRONMENTAL CONTAMINANTS ACT |
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Taxes whose pain purpose is to fund government services and programs |
REVENUE TAXES |
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Taxes levied at a higher rate on higher-income taxpayers and at a lower rate on lower-income taxpayers |
PROGRESSIVE REVENUE TAXES |
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Taxes that cause poorer people to pay a higher percentage of their income than richer people pay |
REGRESSIVE REVENUE TAXES |
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Taxes levied to control certain activities that legislators believe should be controlled |
RESTRICTIVE TAXES |
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A person hired by a company or an industry to represent its interests with government officials |
LOBBYIST |
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An organization dedicated to promoting the interests and assisting the members of a particular industry |
TRADE ASSOCIATION |
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An exchange process between buyers and sellers of a particular good or service |
MARKET |
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The willingness and ability of buyers to purchase a product or service |
DEMAND |
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The willingness and ability of producers to offer a good or service for sale |
SUPPLY |
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The principle that buyers will purchase (demand) more of a product as price drops |
LAW OF DEMAND |
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The principle that producers will offer (supply) more of a product as price rises |
LAW OF SUPPLY |
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Assessment of the relationships between different levels of demand and supply at different price levels |
DEMAND AND SUPPLY SCHEDULE |
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Graph showing how many units of a product will be demanded (bought) at different prices |
DEMAND CURVE |
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Graph showing how many units of a product will be supplied (offered for sale) at different prices |
SUPPLY CURVE |
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Profit-maximizing price at which the quantity of goods demanded and the quantity of goods supplied are equal |
MARKET PRICE (EQUILIBRIUM PRICE) |
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Situation in which quantity supplied exceeds quantity demanded |
SURPLUS |
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Situation in which demanded exceeds quantity supplied |
SHORTAGE |
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An economic system characterized by private property rights, freedom of choice, profits and competition |
PRIVATE ENTERPRISE |
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The vying among businesses in a particular market or industry to best satisfy consumer demands and earn profits |
COMPETITION |
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A market or industry characterized by a very large number of small firms producing an identical product so that none of the firms has any ability to influence price |
PERFECT COMPETITION |
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A market or industry characterized by a large number of firms supplying products that are similar but distinctive enough from one another to give firms some ability to influence price |
MONOPOLISTIC COMPETITION |
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A market or industry characterized by a small number of very large firms that have the power to influence the price of their product and/or resources |
OLIGOPOLY |
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A market or industry with only one producer, who can set the price of its product and/or resources |
MONOPOLY |
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A market or industry in which only have one producer is most efficient because it can meet all of consumers' demand for the product |
NATURAL MONOPOLY |
