Class From Hell

Front 1

what is a maori factor of business success?

Back 1

economic/social climate that allows business to operate freely.

Front 2

economics

Back 2

study of how society schuss to employ resources to produce goods/ services/ distribute them for consumption among various competing grouts.

Front 3

how do business contribute to an economic system?

Back 3

by inventing new products that increase availability of resources.

Front 4

two major types of economics

Back 4

macro and micro.

Front 5

resource development

Back 5

the study of how to increase resource and the creation of the conditions that will make better use of those resources.

Front 6

what is the challenge for macro econmists

Back 6

fins out what makes a country rich and poor.

Front 7

explain Adam Smith's theories.

Back 7

freedom vital to economic survivial- freedom to own land/protperty. Believed people will work hard if they have incentive.

Invisible hand belief

Front 8

Father of modern economy

Back 8

Adam Smith

Front 9

invisible hand

Back 9

coined by adam smith, process that turns self directed gain into social/economic benefits for all.

Front 10

Smith assumptions

Back 10

assumed that as people got wealthier, they would naturally reach out to help others. Not true. Business must be ethical and generous in order for equality.

Front 11

captialism

Back 11

an economic system in which all or most of the factors of produciton and distribution are privately owned and operated for protft i.e.: little gov't intervention.

Front 12

when does gov't get involved?

Back 12

determining minimum wage, subsidizing certain secotrs

Front 13

how to free markets work?

Back 13

what to produce and at what quants decided b market. Prices determined by buyers and sellers negotiating.

Front 14

FINCA

Back 14

Foundation of International Community Assistance.

Front 15

market price

Back 15

determined by supply and demand.

Front 16

name 4 degrees of competition

Back 16

1. perfect competition

2. monopolistic competition

3. oligopoly

4. monpoly

Front 17

Perfect competition`

Back 17

as many buyers as there are sellers = doesn't really exist

Front 18

monopolistic competition

Back 18

large number of seller producing very similar products that buyers never the less perceive as different (fast food)

Front 19

oligopoly

Back 19

a form of compassion in which just a few sellers dominate market

Front 20

monopoly

Back 20

only one seller for product/ service

Front 21

benefits of free market

Back 21

allows open competition among companies

Front 22

downfall of free market

Back 22

generates mass inequality

Front 23

to overcome captialism, some countries adopt...

Back 23

socialsim

Front 24

socialsim

Back 24

based on premise that basic business should be wend by gov't so that profits can be evenly distributed.

Front 25

benefits of socialism

Back 25

social equality, free eduction, healthcare, child care, beneficial programs.

Front 26

downfall of socialsim

Back 26

take away some incentive for business people to work hard because profits will be heavily taxed. consequence = brain drain.

-fewer invetntions because less reward than in capitalist countries.

Front 27

communism

Back 27

state/gov't makes all economic decisions and owns all of major factors of production.

Front 28

problem of communism

Back 28

gov't know why to tell what to produce and in what quantity.

-little inspiration to work hard.

Front 29

free market economy

Back 29

an economy in which the market largely determines what goods and services are produced, who gets them, how the economy grows.

Front 30

command economy

Back 30

gov't largely decides what goods and services are produced, who gets them and in what quantity.

Front 31

socialism and communist do not create enough of ...

Back 31

jobs

Front 32

canada's economy is moving towards a more ___________ economy

Back 32

capitalist

Front 33

what are the three indicators of economic conditions?

Back 33

1. GDP

2. unemployment rate

3. price index

Front 34

GDP

Back 34

Gross domestic product : total value of all final goods/sevices produced in a country in a given year. (within countries boundardsies) Not GNP!

Front 35

What is a major influence of GDP?

Back 35

how productive is the workforce?

Front 36

strong economy =

Back 36

high standard of living

Front 37

the Canadian economy is considered a _______ economy .

Back 37

service economy

Front 38

T or F : an influx of machinery leads to an increase in output of a product

Back 38

F. leads to higher quality.

Front 39

technological dances lead to unemployment T or F?

Back 39

T

Front 40

unemployment rate

Back 40

percentage of labour force that actually seeks a job but cannot find one at a given time.

Front 41

Unemployment is a key indicator of ...

Back 41

health of economy and of society in general

Front 42

Name the 4 types of unemployment

Back 42

1. Frictioal unemployment : quit work

2. structural unemplyment: caused by firm restricting

3. cyclical: occurs because of ressession or downturn in business cycle.

4. seasonal: when demand for labour varies over the year.

Front 43

how does price index indicate health of economy?

Back 43

by measuring the levels of inflation, disinflations, deflation, and stagflation.

Front 44

inflation

Back 44

general rise in price of goods/servies over time

Front 45

disinflation

Back 45

situation in which price increase are slowing

Front 46

deflation

Back 46

prices are declining

Front 47

stagflation

Back 47

economy is slowing but prices are rising regardless.

Front 48

CPI

Back 48

Consumer price index: monthly stat that measures the pace of inflation or deflation.

affects early all canadians,

Front 49

HDI

Back 49

Human development index: measure of country's progress that includes wealth, heath, and education.

Front 50

****draw / describe business cycle (text book )

Back 50

pg 71-72