Chapter 1
Difference between revenues and expenses
What is "profit"?
________ refers to everything outside an organization's boundaries that might affect it.
What is the external environment?
Standards or moral values regarding what is right and wrong.
What is "ethics"?
Individuals who both recognize and seize opportunities.
What are entrepreneurs?
Goods and services that are made or grown abroad and sold in Canada.
What are "imports"?
This type of organization uses the funds from government grants or from the sale of goods or services to provide service to the public.
What is "not for profit organization"?
This is the main measure of growth in an economic system.
What is "aggregate output"?
When an activity benefits the employee at the expense of the employer, this is referred to as
What is conflict of interest?
A small business is an owner managed business with less than ________ employees.
What is 100 employees?
Goods and services that are made or grown in Canada and sold abroad.
What are "exports"?
The way in which a nation allocates its resources among its citizens.
What is "an economic system"?
What is the pattern of short-term ups and downs in an economy called?
What is the Business Cycle?
To show the company's desire for employee ethical behaviour, many business firms have established this.
What is codes of conduct?
A person who creates something new within an existing large firm or organization.
What is an Intrapreneur?
The process by which the world economy is becoming a single interdependent market is called
What is Globalization?
An exchange process between buyers and sellers of a particular good or service is known as
What is "a market"?
When the economy shrinks for two consecutive quarters what term is used to describe it?
What is recession?
The movement designed to help workers in developing countries receive fair payments for their work is referred to as
What is "fair-trade"?
Doing more with less is referred to as...
What is Bootstrapping?
The BRICS nations are a group of five powerful emerging markets in global trade; they include:
Brazil, Russia, India, China and South Africa
Stanislav lives in a country where all the factors of production are owned by the government. The economic system in his country is most likely
Total gross domestic product divided by the total population of a country is know as
What is GDP per capita?
When companies get together to fix prices, this is illegal and is called
What is collusion?
Assets that a borrower uses to secure a loan or other credit are referred to as
What is collateral?
What is type of "advantage" is it when a country can produce something better or more cheaply than any other country.
What is absolute advantage?