Buisness Flashcards
fads
a craze that people take up quickly and then drop just as quickly
shareholders
people who buy stocks in a company and so are part owners of the company.
corporation
a legal buisness entity that wast independently of its owners
supply
the quantity of goods and services that producers and sellers are willing or able to sell consumers
demand
the desire for goods and services it represents the consumer side of market
revenue
the money a buisness receives from the sale of goods and services
production
the process of converting a buisneses resource into goods and services
demography
the study if statistics relating to populations or communities
market niche
a small sement of a larger market
consumers
someone who purchases goods and services to meet their needs and wants
trends
a pattern over time
employablilty skills
skills you must have to succeed in business. skills are abilities that can be required by repetition
franchise
type of business in which a person buys the right to use a businesses name and to sell a product or service. the purchaser must follow the franchise owners rules in operating the company.
co-operative
businesses owned and operated by a group of people with a strong common intrest
partnership
A business owned and operated by two or more persons
capital
money available for investment purposes such as starting a business and keeping it running. it is unincorporated.
sole proprietorship
a form of business owned and operated by one person. it is unincorporated
market
a place where buyers and sellers come together to do buisiness, the buyers with money to exchange for the goods or services provided by the sellers.
What are the 5 main functions of buisness?
-production-marketing-finance-human resources-management
what are the closer looks of production
-land-capital-labour-information-entrepreneurship
finance
managing money is referred to as finance this includes to know who owes money to the business , who the business owes money to,how money is spent, and whatever they have left to pay bills
marketing
can be defined as all the buisness activities used to plan,price, promote and distribute goods or services to satisfy consumers needs and wants. marketing may involve contact with consumers to find what they want
human resources
- the aspect of business that deals with attracting and keeping employees.
management
planning, organizing and controlling the business activities.
advantages/ disadvantages of sole proprietorship
ADVANTAGE-keep all profitsmake all decisionsdont have to depend on others to be responsibleDISADVANTAGEresponsible for everything by yourselfhave to pay debts by yourselfdifficult to obtain funding to expand
advantage/disadvantage partnership
ADVANTAGEinexpensive to set upeasy to organizeshare responsiblitiesshare time shifts and work hoursDISADVANTAGEhave to depend on others responsibilityshare profitsconflicts with parnerdifferent ethicsfinancial risk
advantage/disadvantage of corporation
ADVANTAGE liable of debts to extend of your own financial involvementmore financial resourcespay different tax ratelife apart from ownersDISADVANTAGEcomplicated structurerequired to publish annual report of financial positionchanges in stock market can drastically change value of corporation
advantage/disadvantage cooperatives
ADVANTAGEhelp with running buisness no one person can dominate anotherget to control price of goods and salesDISADVANTAGEdifficult raising additional funds to expand businessdecision making is difficultcommitment of members may vary
advantage/disadvantage of franchise
ADVANTAGEcan become nationally recognizedfranchisees still have personal ownershipsfranchisor agrees not to open another operation near byDISADVANTAGEexpensiverequired to pay ongoing operating feemany rules to followif franchise fails, your buisness fails
Types of corporations?
public, private, crown
private corporation
can have upto 50 shareholders. not offered to public. a single person who incorporates may have only one shareholder: him or herself
public corporation
doesnt have restrictions on its numbers of shareholders. shares can be sold to the public. these shares are bought and sold on stock exchanes such as the toronto stock exchange
crown corporations
are owned by federal , provincials, municipal govts. usually to provide service to the public. ex bank of canada, canada post.
structure of a large public corporation
owners/shareholderselectboard of directorshireofficerseelectmanagerssuperviseemployees
employability skills- FUNDAMENTAL
skills needed as a base for further developmentCOMMUNICATE*read and understand information presented in a variety of forms ex words, graphs, charts diagrams*write and speak so others pay attention and understandMANAGE INFORMATION*locate gather and organize information using appropriate technology and information systems*access, analyze and apply knowledge and skills from various disciplines ex arts, language, science etcUSE NUMBERS*decide what needs to be measured or calculated*observe and record data using appropraite methods tools and technology.THINK AND SOLVE PROBLEMS*assess situations and identify problems*seek different points of view and evaluate them based on facts
employability skills- PERSONAL MANAGEMENT SKILLS
the personal skills attitude and behaviours that drive ones potential for growth.DEMONSTRATE POSITIVE ATTITUDES AND BEHAVIOURS*feels good about yourself and be confident*deals with people, problems and situations with honesty , integrity and personal ethicsBE RESPONSIBLE*Set goals and priorities, balancing work and personal life*plan and manage time money and other resources to acheive goalsBE ADAPTABLE*work independently or as a part of a team*carry out multiple tasks or projectsLEARN CONTINUOUSLY*be willing to continuously learn and grow*asses personal strengths and areas for developmentWORK SAFLY*be aware of personal and group health and safety practices and procedures and act in accordance with these
employability skills- TEAMWORK SKILLS
the skills and abilities needed to contribute productivelyWORK WITH OTHERS*understand and work within the dynamics of a group *ensure that a teams purpose and objectives are clearPARTICIPATE IN PROJECTS AND TASKS*plan, design or carry out a project or task from start to finish with defined objectves and outcomes*develop a plan, seek feedback, test, revise and implement
WHAT IS THE BUISNESS CYCLE
prosperity-inflation-recession-depression-recovery- prosperity
prosperity
good economic times
inflation
rise over time in the price of goods and services
recession
whole econmy slows down and buisness no longer creates wealth as it did before
depression
economic activity is very low and unemployment is very high
recovery
when economy starts to improve
DEMAND CURVE
refers to the quantity of goods and services that the market and consmers are wiling to buy. several demand for good depends on-price of good/service0prices of sibstitute or complemantary goods-consumers income-future expedations about income or price-taste or desire for good/servicenotice how demand decreases as price goes up and increases as price goes down.
SUPPLY CURVE
suplly curve is the producers side of market. refers to quantity of goods and services that producers and sellers are willing to sell to consumers. there is direct relation between price of goods/service and quantity offered for sale.several other factors affect supply-cost of producing -changes in technology-produucers desire to own/ operate business- environmental and other conditions