Starters of Business
When Mike starts his mechanic shop by himself, he is a ________.
Sole Proprietor
A business owned by just one person is called a ________.
Sole Proprietor
A business like Starbucks that buys ethically sourced coffee beans is showing ________.
Corporate Social Responsibility (CSR)
Canada sells lumber to other countries. This is an example of a Canadian ________.
Export
A phone like the iPhone 16 Pro is a luxury item people want, but don’t need. This makes it a ________.
Want
If you need funding to start a business, one way to get it is through a ________, which is a deal between countries like Canada and the US to help trade.
Trade Agreement (CUSMA)
A mechanic shop run by Mike and Steve, who share profits, is a ________.
Partnership
A company using solar panels is practicing ________ to protect the environment.
Sustainable Development
If Canada buys machinery from another country, this is an example of an ________.
Import
A business that sells physical products, like a jewelry store, is called a ________.
Retail Business
If you and a friend open a bakery together, you would be in a ________.
Partnership
McDonald’s restaurants can be individually owned as part of a larger brand. This is an example of a ________.
Franchise
A company that helps people and doesn’t focus on making profit, like Plan International, is a ________.
Not-for-Profit Corporation
A business like Mars Inc. that makes candy is part of the ________ sector.
Manufacturing Business
Butter and margarine are examples of ________ goods, because you can use one instead of the other.
Substitute Goods
To open a McDonald’s restaurant, you would need to buy a ________ license to use their brand.
Franchise
A business that doesn’t aim to make money, like Plan International, is called a ________.
Not-for-Profit Corporation
When two products, like a burger and a bun, are sold together, they are called ________ goods.
Complementary Goods
If McDonald's competes with Burger King for customers, this is called ________.
Competition
Mike’s business fixes furnaces, which makes it a ________.
Service
A company like CBC, which is run by the government, is called a ________.
Crown Corporation
If two companies combine to create a new one, this is called a ________.
Merger
A ________ is a business that aims to help solve social or environmental issues while also making money.
Social Venture
Laws about ________, like copyrights and trademarks, protect ideas and can limit international trade.
Intellectual Property (Non-Tariff Barriers)
McDonald's and Burger King compete in the fast food ________, which includes all businesses that make and sell similar products.
Industry