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41 Cards in this Set
- Front
- Back
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needs |
are necessities that you must have in order to stay alive |
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wants
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the extras, you don't need them to survive but they make life more pleasant
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consumer |
a person who buys goods and uses the services provided by producers (demand side) |
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trend |
-general direction in society that may last a long time -long-term influence on the future of the market -product remains popular for decades |
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fad |
-craze that people take up quickly and than drop just as quickly -short-term event with a definite beginning and end -product enjoys a few months of unexpected popularity than disappears |
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maslow's hierarchy of needs
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1. Physical Needs: basic needs for survival 2. Safety Needs: security, protection 3. Social Needs: sense of belonging, love 4. Esteem Needs: self-esteem, status, respect 5. Self-Actualization Needs: realization of ones full potential, personal fulfillment |
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good |
any tangible item or product that you can purchase, posses or use |
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service |
not a physical object, but is intangible, act performed in exchange for payment |
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manufacturers
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company or business that produces the good
ex. a furniture manufacturer that produces couches |
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supplier |
provides the consumer with the good ex. a furniture store that supplies couches to the customer |
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market |
exists where buyers (consumers) and sellers (producers) come together to do business, the buyers with money to exchange for the goods or services offered by the producers
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sole proprietorship |
business owned and operated by one person who has many different responsibilities (the proprietor)
- most common form of business ownership in Canada - 75% of all Canadian businesses are sole proprietorships |
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adv. of sole proprietorships |
be your own boss, easy to start/end, keep all profits
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disadv. of sole proprietorships |
unlimited liability: may lose home and personal belonging if business does poorly |
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unlimited liability |
may lose home and personal belonging if business does poorly |
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partnerships |
two or more owners who share the cost and the responsibilities of the business by entering into a written partnership agreement
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corporations |
legal entity owned by many shareholders or stockholders who each have one vote per share and receive dividends (part of the corporations after tax profits) based on the numbers of shares they own - requires a charter - run by an executive group and an elected board of directors |
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classifications of corporations |
private: a few people control all the shares
public: shares owned by many, listen and traded on the stock exchange crown: business owned by provincial or federal government |
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adv. of corporations |
share holders have limited liability |
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limited liability |
personal assets protected from debts of the corporation
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cooperatives |
owned and operated by members with a common interest such as producer, consumer, and financial co-op |
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franchises |
one of the fastest growing forms of business ownership
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franchisor |
parent firm that sells the rights to use the business name and sell product or service in a given area |
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franchisee |
person who buys these rights from the franchisor and sells product or service to the customer
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debt financing |
involves borrowing money from a bank, family, friends or other leaders of all of which you must pay back, but still retain full ownership of your business |
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equity financing
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involves acquiring money lent from investors (such as venture capitalists) in exchange for relinquishing part ownership of your business |
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ethical dilemma |
situation that requires a choice between options that will often involve a conflict between moral values
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the most common influences on ethics |
families: parents are first to influence their child's ethical behaviour peers: as children grow, peers begin to exert their influence experiences: can increase or decrease certain types of ethical behaviour about what is right and wrong |
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corporate social responsibility (CSR)
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the duty of businesses to care for others who can be affected by their actions in a damaging way (do no harm)
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price fixing |
secret agreements among competitors to control prices by charging the same price for a product instead of competing on price
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consumers exercise their power by... |
supporting companies that practice ethical and socially responsible behaviour, and by not supporting companies that don't
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standard of living
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number of goods and services that members of a country have access to. the more money that a country has, the higher its standard of living |
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quality of life
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includes citizen's standard of living but also includes such things such as life expectancy, literacy rate, amount spent on education, communication facilities, population density, and infant mortality rate
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business profits
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help the canadian economy to grow and remain strong
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expenses (cost) |
money that businesses pay out for wages, supplies, taxes, loan payments (money going out)
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revenue |
money that businesses receive for their goods and services (money coming in)
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profit |
amount by which revenue of a business exceeds its expenses
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unemployment
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people who are out of work and actively looking for work
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technological change and increased international competition created through...
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globalization |
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globalization |
companies doing business internationally (can be causes for unemployment) |
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main factors affecting individuals level of income include
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- education - employability skills - conditions of the job market |
