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33 Cards in this Set
- Front
- Back
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Want |
The extras. You don’t need them to survive but they make life more pleasant. |
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Need |
Necessities that you must have in order to stay alive Example: Warmth in winter, clean water and air, food and shelter, medical |
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Trend |
A general direction in society that may last a long time * Something that has a long-term influence on the future of a market * Product remains popular for decades |
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Fad |
Acraze that people take up quickly and then drop just as quickly * Short-term event with a definite beginning and a definite end * Product enjoys a few months of unexpected popularity, but disappears just as quickly as it appears |
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Maslow's Hierarchy of Needs, In order & Explain |
1. Physical Needs Fulfillment of basic needs for survival Food, water, shelter, warmth, sleep 2. Safety Needs Security, protection, freedom from fear 3. Social Needs Sense of belonging, love and affection, acceptance, relationships 4. Esteem Needs Self-esteem, recognition, respect, status, reputation 5. Self-actualization Needs Realization of one’s full potential, personal fulfillment |
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Consumer |
A person who buys goods and uses the services provided by producers (demand side) |
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Interdependence |
Cnsumers and producers depend on each other * Consumers need producers to produce goods and services; producers need consumers to buy the good and services they provide |
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Good |
Any tangible item or product that you can purchase, possess or use Example: A laptop computer, the binder for your school notes |
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Service |
Not a physical object, but is intangible. It is an act performed in exchange for payment Example: A haircut, a taxi or bus ride, dental check-up |
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Manufacturer |
Company or business that produces the good. Example: A furniture manufacturer that produces couches |
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Supplier |
Provides the consumer with the good. Example: A furniture store that supplies them to the customer |
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Market |
Exists wherever 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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What are the 5 types of business ownership |
1) Sole proprietorships - business owned and operated by one person 2) Partnerships - two or more owners who share the cost and the responsibilities of the business by entering into a written partnership agreement 3) Corporations - legal entity owned by many shareholders or stockholders 4) Cooperatives - owned and operated by members with a common interest such as producer, consumer and financial co-ops 5)Franchises |
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Ethics |
Individual standards of conduct that society believes people should follow |
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Ethical Dilemma |
A situation that requires a choice between options that will often involve a conflict between moral values |
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What are the most common influences on ethics? |
-Families -Peers -Experiences |
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Corporate Social Responsibility |
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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List 3 ways that a socially responsible business can affect individuals and communities in positive ways |
1) Standard of living 2) Quality of life 3) Business profits help the Canadian economy to grow and remain strong |
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Profit |
Amount by which revenue of a business exceeds its expenses |
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Expenses |
Money that businesses pay out for wages, supplies, taxes, loan payments |
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Revenue |
Money that businesses receive for their goods and services |
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What are the three main factors affecting an individuals level of income? |
1) Education 2) Employability Skills 3) Conditions of the job market |
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Unlimited Liability |
May lose home and personal belongings if business does poorly |
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Classification of corporations |
Private: a few people control all the shares Public: shares owned by many; listed and traded on the stock exchange Crown: business owned by provincial or federal government. |
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Limited liability |
Personal assets protected |
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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 consumer |
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Debt Financing |
Involves borrowing money from a bank, family, friends or other lenders all of which you must pay back, but still retain full ownership of your business |
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Equity Financing |
Involves acquiring money lent from investors (such as venture capitalists) in exchange for relinquishing part ownership of your business |
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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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Standard of Living |
Number of goods and services that members of a country have access to. The more money a country has, the higher its standard of living |
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Quality of Life |
Includes citizen’s standard of living but also includes such things as life expectancy, literacy rate, amount spent on education, communication facilities, population density, and infant mortality rate |
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Unemployment |
Technological change and increased international competition created through globalization (companies doing business internationally) can be causes for unemployment |
