Fundamentals of Business
This item is something that is tangible (it can be touched)
Good
Set of rules for guiding the actions of employees or members of an organization.
Code of Ethics
What are 2 possible causes for inflation?
Amount of money increases, supply decreases, demand increases.
Why do businesses make a business plan?
So they have a clear objective and strategic method for how to achieve their goal.
This is a business owned by one person Pros include: Owner makes all the decisions & Personal Satisfaction
Sole Proprietorship
This is the primary goal of most businesses.
Make a Profit
A business or corporation makes a regular effort to help improve their local community.
What is CSR, Corporate Social Responsibility?
The point where supply and demand are equal.
Market Price
A concise and engagement summary that represents what your business does and why.
What is a mission statement?
This ownership has more decision makers, Unlimited liability & Generally more profitable
One Disadvantage: Disagreements
What is Partnership
Most businesses provide goods or services to satisfy what?
Consumer Needs & Wants
What is this example? Goods coming into Canada from other countries.
Imports
One way to measure economic growth is output per person or _____.
GDP Per Capita
What are the four parts of SWOT, including which are internal and which are external?
Strength/Weakness (internal)
Opportunity/Threat (external)
When a business has total control of the market for a product or service.
Monopoly
What is the value of the next best alternative that you were not able to choose?
Opportunity Cost
What is the following? Resources are owned and controlled by the government.
Command Economy/Communism
What does the first section of a Profit and Loss statement summarize?
Trading account or gross profit after cost of goods sold
Provide examples of the 4 P's for HCAS?
Price: Tuition
Place: physical school
Product: World class American education
Promotion: logos, info sessions, Facebook, etc.
A parent company sells additional locations to other individuals to operate
Franchise
What are the four factors of production?
Land, Labor, Capital (Human and Physical) and Entrepreneurship.
What does the term Absolute Advantage mean? Define with a visual example from Taiwan, drawn 'beautifully' on the board.
When a country can make a certain item to a higher quality at a lower price than other countries. Well drawn microprocessor for example.
What shape does the business cycle have, identifying 4 stages (must be drawn on board).
Expansion, peak, recession, trough
What is the most important quality of being a successful entrepreneur (you must make an argument to convince Mr. Bryant, good luck).
TBD, but if you see this then you convinced me, good job!
An agreement between two or more companies to share a business.
Joint Venture