1.1 - Economic Basics
This type of business aims to make a profit by selling goods or services.
What is a for-profit business?
Which business ownership type offers unlimited liability to a single owner?
What is Sole Proprietorship?
What does CSR stand for?
What is "Corporate Social Responsibility"?
This type of tax is imposed by a government on goods imported from another country, often to protect domestic industries.
What is a tariff?
This major trading partner of Canada offers benefits such as lower shipping costs, cultural similarities, and access to a larger market, enhancing profitability for Canadian businesses.
Who is the United States?
A business with fewer than 100 employees falls into this category
What is a small business?
In which business structure do all partners have unlimited liability for the firm's debts?
What is General Partnership?
What is insider trading?
What is "Illegal buying or selling of company shares based on confidential information that isn’t available to the public."?
This international organization aims to regulate and facilitate international trade, replacing the General Agreement on Tariffs and Trade in 1995.
What is the World Trade Organization (WTO)?
When is Ms. Klieber's birthday?
What is May 5th 1980?
This type of business is owned by shareholders and is legally considered its own entity.
What is a corporation?
What type of business ownership ensures each member has only one vote, regardless of shares owned?
What is Co-operative?
What are the areas of environmental concern in Canada?
1. Air
2. Land
3. Water
This trade agreement, originally established in 1994, includes the United States, Canada, and Mexico aiming to eliminate trade barriers among them.
What is the North American Free Trade Agreement (NAFTA)?
What is Ms. Klieber's favourite shows?
What is Star Trek and Star Wars?
These are products sold or produced, unlike services which are activities provided.
What are goods?
Which type of business generates profit by selling items bought from a producer to a consumer?
What is Retail Business?
What are 5 of the top 10 reasons for business ethics?
1. Satisfy shareholder expectations
2. Protect the reputation of the business
3. Build trust with those groups with which they work
4. Guard against unethical employees and competitors
5. Establish a working environment that matches their core values
6. Ensure that the business is an equal opportunity employer
7. Maintain a safe working environment for employees
8. Engage actively with local communities as a partner
9. Maintain high standards of integrity
10. Adhere to the practice of full disclosure on the quality of goods and services
Identify one of the '5 P's' of international trade that refers to the geographic and demographic factors influencing where products are sold
What is Proximity?
Ms. Klieber's company turns raw cotton into high-quality textiles for sale. What type of business is her company?
What is Manufacturing Business?
This type of distribution involves selling products online.
What is e-commerce?
Which type of business ownership provides legal status distinct from its workers?
What is Corporation?
What are the 6 CSR Principles?
1. Providing a safe and healthy work environment
2. Adopting fair labour's policies
3. Protecting the environment
4. Being truthful in advertising
5. Avoiding price discrimination
6. Donating to charity
This concept describes the financial result when the value of a country's exports exceeds the value of its imports.
What is a trade surplus?
What is all 5 of Ms. Klieber's nicknames which she had told us on the first day of school?
What is Mitch, Mitchella, WizKaliba, Klibenator, and Aunt'schell?