Understanding Canadian Business: Chapter 1 - The Dynamic Business Environment

These flashcards cover key concepts and definitions from Chapter 1 of 'Understanding Canadian Business', focusing on essential terminology and their implications in the business environment.

Entrepreneur

A person who risks time and money to start and manage a business.

Revenue

The total amount of money received during a given period for goods sold and services rendered.

Profit

The amount of money a business earns above and beyond what it spends for salaries and other expenses.

Standard of Living

The amount of goods and services people can buy with the money they have.

Quality of Life

The general well-being of a society including its political freedom, natural environment, education, and health care.

Offshoring

Sourcing part of the purchased inputs outside of the country.

Outsourcing

Contracting with other companies to do some or all functions of a firm.

Non-Profit Organization

An organization whose goals do not include making a personal profit for its owners or organizers.

Social Entrepreneur

A person who uses business principles to start and manage non-profit organizations aimed at solving social issues.

Factors of Production

The resources that contribute to the creation of goods and services: Land, Labour, Capital, Entrepreneurship, Knowledge.

Business Environment

The surrounding factors that either help or hinder the development of businesses.

Demography

The statistical study of the human population regarding its size, density, and characteristics.

E-Commerce

The buying and selling of goods/services online.

Competitive Environment

The degree to which a business must deal with competition in its market.

Global Environment

Global changes that affect job opportunities and competition in markets.

Technological Environment

Factors related to technology that impact how businesses operate.

Social Diversity

The inclusion of different types of people in a society or organization.

Creative Destruction

When new technology leads to the obsolescence of existing products or services.

Intellectual Capital

Employee knowledge and skills that can be used to create new products and increase profits.