Business
A business that sells products directly to customers, like a toy store selling action figures.
What is a retail business?
A haircut at a barbershop is an example of this because you pay for someone's work rather than buying an object.
What is a service?
Two ice cream shops open on the same street and try to attract the most customers. What is happening?
What is competition?
A student buys a chocolate bar even though they already have enough food at home. Is this a need or a want?
What is a want?
A Canadian company sells maple syrup to customers in Japan. What is Canada doing?
What is exporting?
A business owned and controlled by one person, such as a neighbourhood dog-walking company.
What is a sole proprietorship?
A bicycle is an example of this because it is a physical item someone can purchase and use.
What is a good?
A video game becomes extremely popular for a few weeks, but most people stop playing it a month later. What is this called?
What is a fad?
A person buys a flashlight and batteries because the flashlight needs batteries to work. What type of goods are these?
What are complementary goods?
A Canadian store buys bicycles made in another country and brings them into Canada to sell. What is this called?
What is importing?
A pizza restaurant lets another owner use its name, logo, and business system in exchange for fees and following its rules. What type of business arrangement is this?
What is a franchise?
A student buys a notebook to write homework in. Is the notebook a good or a service?
What is a good?
A style of clothing becomes popular and stays popular for many years. Unlike a short-lived fad, what is this called?
What is a trend?
A family chooses chicken instead of beef because beef has become too expensive. What relationship do these products have?
What are substitute goods?
Canada, the United States, and Mexico agree on rules that make trading between their countries easier. What is this type of agreement called?
What is a trade agreement?