The Economy
What type of Healthcare system does the USA and Canada have respectively?
USA Private
Canada Public
The amount of a good or service that producers are willing and able to sell at a particular price
Supply
The number of able-to-work people who don’t have jobs as a % of the labour force
Unemployment Rate
Revenue - Expenses = _____________
Profit
The money or wealth needed to produce goods and services
Capital
Needs that are intangible and emotional (such as companionship, security)
The amount of a good or service that consumers are willing and able to buy at a particular price
Demand
Feeling pressured by friends to make a purchase
Peer Pressure
The highest ranking person in a company
CEO
Virtual store, where business is conducted electronically over the Internet, without a store or showroom.
(E............)
E-Commerce
What is the persistent rise in the average level of prices?
Inflation
A person who uses goods and services
Consumer
The quantity and quality of work performance
Productivity
What are the 4 types of Business Ownership?
Sole Proprietorship
Partnership
Corporation
Franchise
Physical places that customers visit to make purchases
Brick and Mortar
Compensation for usage of your work
Royalty
An individual or business that makes a product
Producer
Public sector organizations are sold to the private sector
Privatization
What are SME's
Small or Medium Sized Enterprises
Also known as Free Market.
A business is “free” to own private property and make a profit. Consumers are “free” to buy goods/services from whomever they choose (freedom of choice).
USA is known for this...
Capitalism
GDP stands for?
Gross Domestic Product
A market is a combination of what two things
C_________ and C___________
Cooperation and Competition
The amount and quality of goods and services that money can buy
Purchasing Power
A product is replaced by a better, more technologically advanced product. It is no longer sold.
Obsolete
1. A physically large retail establishment, usually part of a chain of stores.
2. The more products you can make using the same factory, the cheaper each product becomes.
3. Businesses relying on other businesses to help them produce goods & services that satisfy consumer needs and wants.
4. Bringing in goods/services to sell in Canada.
5. Selling goods/services from Canada to another country.
6. A tax imposed by the local government on goods and services coming into a country.
1. Big Box Retailer
2. Economies of Scale
3. Interdependence
4. Import
5. Export
6. Tariff