Term
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Definition
| organization that sells goods and services in an effort to make a profit |
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Definition
| what remains after expenses have been deducted from revenues |
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Term
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Definition
allocates a nation’s resources among its citizens
- How we go about buying and selling things |
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Term
| Resources/Factors of Production |
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Definition
| Labour, Capital, Entrepreneurs, Natural Resources, Information Resources |
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Term
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Definition
| intellectual, social, material, human, cultural and financial |
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Term
| types of economic systems |
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Definition
| command economy, market economy, mixed-market economy |
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Term
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Definition
| proportional, progressive, regressive, restrictive |
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Term
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Definition
| buyers will purchase more of a product/service as its price decreases and less as its price increases |
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Term
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Definition
| producers will offer more of a product or service as its prince increases and less as its price decreases |
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Term
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Definition
o Lots of people buying and selling things
o Barriers of entry is small |
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Term
| monopolisitic competition |
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Definition
o Ex Prada bag – only company that sells it, and is high quality
o No competition, only trying to convince people to buy your product/service |
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Term
| oligopolisitic competition |
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Definition
o Few competitors and massive barriers to entry
o Ex bank
o Need a lot of laws and regulations |
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Term
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Definition
o Rare
o Only company selling something
o Governments don’t like monopolies, control too much
o Ex leafs |
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Term
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Definition
o Best interest for everyone
o Don’t want more than one business
o Ex. TTC, police, fire department |
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Term
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Definition
| growth of an economy; reaches a peak |
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Definition
| economy goes down; reaches a trough |
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Term
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Definition
| recession that is longer in duration and/or is more excessive |
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Term
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Definition
| total values of goods and services produced by an economic sstem during a given period |
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Term
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Definition
| total quantity and quality of goods and services that a country’s citizens can purchase with the currency used in their economic system |
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Term
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Definition
| total values of all goods and services produced by a natural economy through domestic factors of production |
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Term
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Definition
| total values of all goods and services produced by a national economy within a given period regardless of where the factors of production are located |
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Term
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Definition
| measure of economic growth that compares how much a system produces with the resources needed to produce it |
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Term
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Definition
| the total of a country’s exports minus its imports |
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Term
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Definition
| total amount of money that the government owes its creditors |
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Term
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Definition
a period of rising prices
o Control by decreasing money supply, control prices |
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Term
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Definition
a period of lowering prices
o Control by make money more available |
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Term
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Definition
| level of joblessness among people actively seeking work in an economic system |
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Term
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Definition
| frictional, seasonal, structural, cyclical |
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Term
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Definition
| an owner managed business with less than 100 employees |
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Term
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Definition
| recently formed commercial organization that provides goods or services for sale |
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Term
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Definition
| process of identifying an opportunity in the marketplace and accessing the resources needed to capitalize on it |
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Term
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Definition
| an employee that’s in a company and that acts like an entrepreneur |
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Term
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Definition
| part of the economy that is made up of companies and organizations that are NOT controlled or owned by the government |
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Definition
| an arrangement in which a buyer (franchisee) purchases the rights to sell the product or service of the seller (franchiser) |
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Term
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Definition
| stipulates the duties and responsibilities of franchise and franchiser |
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Term
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Definition
| one person who owns a business, no difference between you and business |
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Term
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Definition
| a form of organization established when 2 or more persons agree to contribute their financial, management and technical abilities for purpose of operating a business for profit |
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Term
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Definition
all partners share in the profits and have a say in managing the business
- Jointly liable for obligations of the business |
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Term
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Definition
| business that is a separate legal entity that is liable for its own debts and whose owners liability is limited to their investment |
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Term
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Definition
| taking private company and making it public |
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Term
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Definition
| the union of 2 companies to form a single new business |
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Term
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Definition
| one firm buys another firm |
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Term
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Definition
| 2 similar companies become one company doing the same thing |
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Term
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Definition
| company acquires supplier or distributor |
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Term
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Definition
| buying a company unrelated to the government |
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Term
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Definition
| when a company sells part of its business operations to another company |
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Definition
| strategy of setting up one or more company units of new independent operations |
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Definition
| global integration of markets and information, ideas, and culture |
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Term
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Definition
| countries tend to have differential advantages; better at producing something than other countries |
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Term
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Definition
| what can you do better than any other country can |
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Term
| national comparative advantage |
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Definition
| What should your country export, should export when you meet this criteria |
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Term
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Definition
| ability of a country to generate more |
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Term
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Definition
| ratio of one currency to another |
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Term
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Definition
| - Agent in another country that does business with one or many companies |
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Term
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Definition
- Licenses another country to sell their product
- Make it and sell it
- Usually happens when a product is branded |
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