Term
|
Definition
1. Infomation resources
2. Natural Resources
3. Labor
4. Capital
5. Entrepreneur |
|
|
Term
| Types of Economic Systems |
|
Definition
1. Command Economy
2. Market Economy
3. Mixed Economy |
|
|
Term
|
Definition
- usually in a communism/socialism society
- government makes and controls most or all product factors and production decisions |
|
|
Term
|
Definition
- lack of government
- individuals control economy
- government owns/involves in public business
- ownership of the factors of production is open to all
- market is the mechanism for the exchange of goods and services |
|
|
Term
|
Definition
- Combindation of both freedom and government intervention
- privatization
- nationalization
deregulation |
|
|
Term
|
Definition
| converting government enterprises into private companies |
|
|
Term
|
Definition
| transfer activities fromp rivate to government |
|
|
Term
|
Definition
| reducing laws and government intervention affecting business activity |
|
|
Term
| Different Roles of Government (5) |
|
Definition
1. Customer
- gov buys products/services from firms
2. Regulator
- regulate through admin boards, tribunals,
commisions
3. Competitor
- competes through Crown Corporations (e.g.
Canada Post)
4. Taxation Agent
- revenue taxes
- income tax
- restrictive tax
5. Provider of incentives
- to stimulate economy
6. Provider of essential services
- fed gov. provides highways, postal services
- maintains stability through monetary and fiscal
policy |
|
|
Term
|
Definition
| designed to generate cash (incl. income tax) |
|
|
Term
|
Definition
| paid by individuals and business and represents money received during the year |
|
|
Term
|
Definition
| Designed to lessen the consumption of "unhealthy" product |
|
|
Term
| 5 kinds of different competition |
|
Definition
1. Perfect Competition
2. Monopolistic Competition
3. Oligopoly
4. Monopoly
5. Natural Monopoly |
|
|
Term
|
Definition
- market characterized by a very large number of
small firms
- producing the same products
- no firms can influence the price
- easy to enter/quit the industry
e.g. fast food restaurants |
|
|
Term
|
Definition
- fewer sellers, many buyers
- use tactics to be different
- brand names : Tide/Cheer
- design/styling: Aeropostale/American Eagles
- Advertising: e.g. Coke/Pepsi |
|
|
Term
|
Definition
- few large suppliers dominate the market
- high barriers to entry
- simliar products
- prices gravitate towards a common "market price"
- large firms can influence the price |
|
|
Term
|
Definition
- 1 producer and source of supply
- unique product/ no competitors
- complete control over price
(gov. tries to avoid any monopoly) |
|
|
Term
|
Definition
- single producer can sufficiently meet demand
- most efficient approach
e.g. BC Hydro |
|
|
Term
| External Environment of an organization |
|
Definition
1. Technology
2. Legal
3. Social
4. Cultural
5. Political
6. Economic
7. Global |
|
|
Term
| Technological External Environment |
|
Definition
1. Technology
- all the ways firms create value for their constituents
- knowledge, methods, equipment, systems etc.
2. Product and Service Technologies
- Technologies employed for creating products (both physical goods and services for customers
3. R&D
- provides new ideas for services, products etc.
- Basic - improving knowledge in a general area
- Applied - focusing specifically on ways a specified technological innovation can be marketable |
|
|
