Business Government Relations and Labor Issues

Flashcards based on key terms and concepts discussed in the lecture regarding business, government relations, and labor issues.

Profitability

The ability of a business to earn a profit or increase its earnings.

Ethics

Moral principles that govern a person's or group's behavior.

Sustainability

Meeting the needs of the present without compromising the ability of future generations to meet their own needs.

Stakeholders

Individuals or groups that have an interest or concern in a business.

Pest Analysis

A tool used for analyzing the external environment of a business, focusing on Political, Economic, Social, and Technological factors.

Downsizing

The process of reducing the number of employees in a company to cut costs.

Government Expenditures

Money spent by the government on goods and services.

Crown Corporations

Companies owned by the government that provide public services.

Consumer Protection Laws

Regulations designed to protect the rights of consumers.

Minimum Wage

The lowest remuneration that employers can legally pay their workers.

Intellectual Property

Creations of the mind for which exclusive rights are recognized.

Unemployment Insurance

Government program that provides financial assistance to individuals who are unemployed.

Tariffs

Taxes imposed on imported goods and services.

Civil Law

Law that deals with the rights of individuals and entities.

Statutory Law

Laws enacted by government legislation.

Tort Law

Law that deals with civil wrongs that cause harm or loss to individuals.