Definitions
When for-profit businesses get income, it is called _____.
sales
Name one purpose of the CGA.
Interests of consumers are protected, businesses compete effectively, consumers and businesses participate in sales confidently
What is the top tier of Maslow's hierarchy of needs?
Self-actualization
What needs to happen for there to be a market?
What is Miss Yelle's first name?
Sophie
Income - expenses = ________
Profit/Loss
Name 2 things the CGA does not cover.
Commercial/business purpose, private sale, resale and trade, production process, charitable organisation
What is scarcity?
the basic economic problem of being unable to satisfy unlimited needs and wants, with limited resources.
Pants made for tall women will use what type of marketing?
Niche marketing
Which city is Miss Yelle from?
Sudbury (I'll also accept close to Toronto)
What is a warantee?
a guarantee that the supplier will repair or replace faulty products for a set period of time.
Name 3 ways goods are considered to be of acceptable quality.
Fit for purpose, acceptable in appearance and finish, free from minor defects, safe for consumption and usage, durable.
What are the 3 types of resources?
Natural (land), human (labour) and capital
What are the 4 market segmentation variables?
Geographic, demographic, psychographic, behavioural
How many provinces are in Canada?
10
What does Fit for Purpose mean?
Adequate for the purpose that the consumer purchased it for
What are 3 possible CGA remedies?
Repairing good, replacing good with identical good, refund when can't repair, curing a defect.
What is the law of demand?
states that conditional on all else being equal (ceteris paribus), as the price of a good increases, quantity demanded decreases. Conversely, as the price of a good decreases, quantity demanded increases.
What is Mr Fonseca's fitness company/brand called?
Lifestyle PT
What are the two canadian national sports?
Lacrosse and ice hockey
What does redress entail?
refers to being compensated or obtaining a remedy for a fault or harm.
What does CGA stand for?
Consumer Guarantee's Act
When does a shortage occur?
when the quantity demanded of a good or service is greater than the quantity supplied
Give me an example (each) of a quantitative and a qualitative question.
Various responses accepted
What do we call our 1$ coin?
Loonie