Forms of Ownership
If your business goes bankrupt and your creditor can take your personal assets like your home, boat or cottage you have experienced
What is Unlimited Liability
A market structure with no competitors
What is a monopoly
A tax a country places on goods being imported into the country. This tax is to make foreign goods more expensive so citizens are more likely to buy local.
What is a tariff
When the government "sticks their nose" into the economy/free market to alter what would be the natural result of just using supply and demand in the business world we use the term.
What is Market Intervention or Intervening in the Marketplace.
Identify 3 reasons why increased competition in a marketplace is better for consumers.
More / Better Products
Better / More Competitive Pricing
Increased Customer Service
Identify the 4 types of corporations
What are
Private
Public
Crown
Municipal
A market structure with many competitors all selling similar but differentiated goods. Example McDonalds vs Wendy's.
What is Monopolistic Competition
this term is used to describe how our world is becoming more inter connected with work and business
What is Globalization
What type of economy/"economic system" would not have government market interventions it
Free Market
Pure Market
Capitalism
If your country imports more that it exports you have a trade
What is a "Deficit"
Corporations are owned by _______ and pay out the profit of the company to those owners with a ______
What is "Shareholders" and "Dividend"
Give an example of an industry in Canada that operates under the "Oligopoly" market structure
Cell Phone
Air Lines
Grocery Stores
Only 2 or 3 large competitors control the entire market, it is very hard to break into and compete witi these companies.
This organization overseas trade agreements and regulates most trade around the world.
What is the WTO - World Trade Organization
What are the 3 levels of government in Canada.
You should also know a program or two they offer/have offered as a market intervention.
Federal
Provincial
Municipal
Identify 3 barriers to international trade
What are
Culture & Language
Currency Fluctuations
Standards (safety / package labelling requirements etc.)
Excise Tax
Embargoes
Etc.
This form of ownerhsip is used fore not for profit businesses
What is a cooperative
A sweet corn stands or "uber" are an example of this form of market structure where there are many competitors selling an identical product at a virtually identical price.
What is Perfect Competition
Canada's free trade agreement with the US and Mexico is known as _____ while there agreement with the European Union is known as ______.
CUSMA - Canada United States Mexico Agreement
CETA - Canada & European Union Comprehensive and Economic Trade Agreement
Identify 2 ways a government may intervene in the market place
Provide loans
Provide grants
Ensure there is adequate and fair competition
Control Inflation (change interest rates, print money etc.)
Offer programs to help / encourage entrepreneurs
many others.
Name a trade group that Canada is a member of
What is G7, G20, WTO etc.
Partnerships can either be ____ partnerships or limited partnerships but either way should have a _________ to ensure each there is a set of rules to deal with any partnership issues.
This government organization ensure that the marketplace is fair for consumer is Canada. Investigating price fixing, false advertising, mergers between large companies etc. to ensure there is enough competition for Canadian consumers.
Competition Bureau
TTCA in Simcoe is a car parts factory with Japanese owners but is run independently in Canada by Canadians. This is an example of what type of Business Ownership.
What is a Branch Plant.
If you buy a copy of someone's business that you own but have to pay them a % of your sales etc. You have bought a
What is a Franchise.
Sending Jobs to another country to take advantage of cheaper labour is known as
What is outsourcing.