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41 Cards in this Set

  • Front
  • Back


are necessities that you must have in order to stay alive

the extras, you don't need them to survive but they make life more pleasant


a person who buys goods and uses the services provided by producers (demand side)


-general direction in society that may last a long time

-long-term influence on the future of the market

-product remains popular for decades


-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

maslow's hierarchy of needs

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


any tangible item or product that you can purchase, posses or use


not a physical object, but is intangible, act performed in exchange for payment

company or business that produces the good

ex. a furniture manufacturer that produces couches


provides the consumer with the good

ex. a furniture store that supplies couches to the customer


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

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

adv. of sole proprietorships

be your own boss, easy to start/end, keep all profits

disadv. of sole proprietorships

unlimited liability: may lose home and personal belonging if business does poorly

unlimited liability

may lose home and personal belonging if business does poorly


two or more owners who share the cost and the responsibilities of the business by entering into a written partnership agreement


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

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

adv. of corporations

share holders have limited liability

limited liability

personal assets protected from debts of the corporation


owned and operated by members with a common interest such as producer, consumer, and financial co-op


one of the fastest growing forms of business ownership


parent firm that sells the rights to use the business name and sell product or service in a given area


person who buys these rights from the franchisor and sells product or service to the customer

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

equity financing

involves acquiring money lent from investors (such as venture capitalists) in exchange for relinquishing part ownership of your business

ethical dilemma

situation that requires a choice between options that will often involve a conflict between moral values

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

corporate social responsibility (CSR)
the duty of businesses to care for others who can be affected by their actions in a damaging way (do no harm)

price fixing

secret agreements among competitors to control prices by charging the same price for a product instead of competing on price

consumers exercise their power by...

supporting companies that practice ethical and socially responsible behaviour, and by not supporting companies that don't
standard of living

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

quality of life
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
business profits
help the canadian economy to grow and remain strong

expenses (cost)

money that businesses pay out for wages, supplies, taxes, loan payments (money going out)


money that businesses receive for their goods and services (money coming in)


amount by which revenue of a business exceeds its expenses
people who are out of work and actively looking for work
technological change and increased international competition created through...



companies doing business internationally (can be causes for unemployment)

main factors affecting individuals level of income include

- education

- employability skills

- conditions of the job market