Finance - Definitions
This type of transaction occurs when the production and sale of an item occur within the same country
domestic
True or False: consumer wants are things that are necessary for survival
False - consumer wants are not necessary for survival, but they may add comfort and pleasure to our lives.
True or False: When radios and televisions were first introduced in Canada, they were funded by the government
True
What does GDP stand for?
Gross domestic product
This is a well-known Canadian clothing company brand that operates out of countries with cheap labour costs, creating unethical working conditions for its employees.
Joe Fresh
This is a process of developing land, cities, businesses, and communities that meet the needs of the present without compromising the needs of future generation
Sustainable Development
This definition is especially important when considering staff relationships and it is the ability to understand what other people think and feel.
Empathy
Free trade means goods can move across national borders without tariffs
What does SOHO stand for?
Small office, home office
An example of this would include going to a restaurant and being served spoiled milk
ISO (International Organization for Standardization) Quality Control
This is a UN-specialized agency that seeks the promotion of social justice internationally and recognizes human and labour rights
ILO (International Labour Organization)
There are three ways a business can respond to customer feedback - list 2.
1. Acknowledging and appreciating feedback
2. Taking action on feedback
3. Providing a response or resolution
From an economic aspect, name at least two pros of Globalization
Employees of an International corporation may be well paid compared to other workers in the country
Increased investment in developing countries stimulates their economies
Once free trade between nations is truly established countries may produce to their strengths and import the goods it needs without the threat of tariffs
A wide range of products are available at competitive prices
This is the decision of an employee to inform officials or the public about a legal or ethical violation
whistle-blowing
Over time, goods become _______, meaning that people no longer want them or that new or improved goods replace them.
obsolete
This process requires items to be delivered immediately before they are needed rather than kept on hand.
_______ is the most important relationship skill required to deal with suppliers.
communication
What year did Canada sign NAFTA with the United States and Mexico?
1992
An example of this is a partnership between Starbucks and Pepsi Company to sell bottled Frappuccino drinks
Joint Ventures
Our society is _______, which means it relies on the goods and services provided by thousands of different businesses to satisfy consumer needs and wants.
interdependent
This can be defined as "the final compensation paid to a laid-off or terminated employee"
severance package
Identify the 3 different kinds of economic resources
1. Natural Resources - material that comes from the earth
2. Human Resources - people who work to create the goods and services
3. Capital Resources - these include buildings, equipment, tools, trucks and factories
Who used the term "global village" to describe the world in 1962?
Marshall McLuhan
This is an agreement between businesses to commit resources to achieve a common set of objectives
Strategic Alliance
Name the 5 steps regarding the decision-making model
1. define the decisions to be made
2. identify the alternatives
3. Evaluate the alternatives
4. make a decision and take action
5. Evaluate the decision