BUS 201 EXAM

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Canadian Business

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171 Terms

1

Canadian Business

Any organization established with the goal of generating profit by producing or providing goods and services.

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2

Entrepreneurship and Innovation

The process of discovering a market opportunity and mobilizing the necessary resources to exploit it; exemplified by Shopify.

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3

Adaptability

The ability of a business to stay updated on evolving industry trends to remain competitive and relevant.

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4

Corporate Strategy

Planning for growth and aligning operations to meet long-term organizational goals.

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5

Brand Strategy

Building a recognizable brand identity to attract and retain customers.

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6

Business-Government Relations

The management of relationships with government agencies to ensure regulatory compliance and capitalize on partnerships or incentives.

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7

International Business Opportunities

The potential for expanding into global markets to diversify revenue and reduce dependence on a single market.

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8

Profit

The remaining amount after all operating expenses have been deducted from total revenue.

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9

Not-for-Profit Organizations

Organizations that operate to serve the public rather than to generate profit.

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10

Economic Systems

The structure of economic activity in a country; they manage the factors of production through input and output markets.

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11

Factors of Production

Resources essential for producing goods and services, including labor, capital, entrepreneurs, natural resources, and information.

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12

Labor

The workforce or human resources used in the production of goods and services.

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13

Capital

The financial assets needed to start, sustain, and grow a business.

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14

Entrepreneurs

Individuals who recognize opportunities and take risks to start and run businesses.

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15

Natural Resources

Physical resources such as land, minerals, water, and trees used in production.

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16

Information

Specialized knowledge, data, and insights that assist businesses in decision-making.

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17

Command Economy

An economic system where a centralized government controls production, allocation, and resource distribution.

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18

Communism

A social and economic ideology where the government owns all production and allocates resources to satisfy societal needs.

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19

Socialism

An economic system where the government owns and operates major industries while allowing smaller businesses to remain privately owned.

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20

Market Economy

An economic system where decisions regarding resource use and production are driven by supply and demand.

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21

Input Market

The marketplace where households supply labor and capital to firms for production.

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22

Output Market

The marketplace where firms provide goods and services to households.

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23

Mixed Market Economy

Economic systems that incorporate elements of both command and market economies.

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24

Privatization

The process of converting government enterprises into private companies.

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25

Deregulation

The reduction of laws and regulations governing an industry to enhance business activity and competition.

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26

Government as a Customer

The role of government in purchasing goods and services from businesses, providing a stable revenue source.

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27

Government as a Competitor

Government-owned businesses that operate in direct competition with private firms.

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28

Government as a Regulator

The enforcement of laws that ensure fair competition, protect consumers, and achieve social goals.

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29

Taxes

Mandatory payments to government that fund various public services and operations.

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30

Government Incentives

Financial support provided by the government to stimulate business growth and stabilize the economy.

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31

Circular Flow Model

A model that illustrates interactions between households and businesses in a market economy.

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32

Capitalism

An economic system characterized by private ownership and free market principles.

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33

Consumer Freedom

The power of consumers to make choices regarding the purchase of goods and services.

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34

Mixed Market Economies

Economic systems that uphold the dual roles of government and private sector in addressing market needs.

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35

Lobbying

The act of influencing government policy or decision-making by individuals or groups.

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36

Market Demand

The total quantity of a product that consumers are willing and able to purchase at various prices.

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37

Supply and Demand

The relationship between the quantity of a product available and the desire for that product among consumers.

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38

Gross Domestic Product (GDP)

The total monetary value of all finished goods and services produced within a country's borders in a specific period.

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39

Purchasing Power Parity (PPP)

A theory suggesting exchange rates adjust so that identical goods cost the same in different countries.

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40

Productivity

An economic measure comparing the efficiency of production in creating goods and services.

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41

Balance of Trade

The difference in economic value between a country's exports and imports over a specific period.

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42

National Debt

The total amount of money owed by a country's government to external creditors.

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43

Inflation

The rate at which the general level of prices for goods and services rises, eroding purchasing power.

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44

Consumer Price Index (CPI)

An index measuring the average change over time in the prices paid by consumers for goods and services.

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45

Economic Stability

A condition in which the monetary supply and production levels grow at comparable rates.

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46

Sociocultural Environment

The shared customs, values, and beliefs that influence consumer behavior and business operations.

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47

Competitive Analysis

An evaluation of competitors to identify strengths, weaknesses, opportunities, and threats in the marketplace.

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48

Viral Marketing

A marketing strategy that encourages individuals to share a product message, often facilitated by social media.

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49

Corporate Social Responsibility (CSR)

The practice of businesses considering their impact on society and the environment in their operations.

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50

Whistle-Blower Protection

Legislation designed to protect employees who report unethical or illegal activities within an organization.

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51

Stakeholder Theory

A concept that emphasizes the importance of considering all stakeholders affected by business operations.

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52

Acquisition

The purchase of one company by another, where the acquired company becomes part of the purchasing company.

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53

Merger

The combination of two companies to form a new entity, often to achieve synergies.

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54

Strategic Alliances

Cooperative agreements between businesses to pursue mutual benefits in research, development, and marketing.

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55

Mintzberg’s Management Roles

A framework outlining the various roles managers play, including interpersonal, informational, and decision-making roles.

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56

Technical Skills

Specialized knowledge or abilities needed to perform specific tasks or activities within an organization.

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57

Human Relations Skills

The interpersonal skills required for managers to effectively lead and motivate employees.

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58

Conceptual Skills

The capacity to understand complex situations and develop strategies for addressing organizational challenges.

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59

Time Management Skills

The ability to prioritize tasks and manage time effectively to enhance productivity.

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60

Decision-Making Skills

The process of identifying and evaluating options to choose the most appropriate course of action.

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61

Corporate Culture

The collection of values, beliefs, and behaviors that shape how an organization operates and interacts.

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62

Five Forces Model

A framework developed by Michael Porter, assessing competitive pressures within an industry.

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63

Market Segmentation

The process of dividing a market into distinct groups of consumers with similar needs or characteristics.

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64

Target Marketing

The practice of focusing marketing efforts on specific segments of the market.

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65

Customer Relationship Management (CRM)

Strategies and technologies that companies use to manage and analyze customer interactions and data.

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66

Financial Accounting

The field of accounting focused on preparing financial statements for external users.

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67

Managerial Accounting

The process of providing financial and operational information for internal decision-making.

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68

Accounting Equation

The foundational equation of accounting that expresses the relationship between assets, liabilities, and owner's equity.

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69

Balance Sheet

A financial statement that provides a snapshot of a company's assets, liabilities, and owner's equity at a specific point in time.

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70

Income Statement

A financial report summarizing a company's revenues and expenses over a particular period.

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71

Cash Flow Statement

A financial document showing how cash moves in and out of a business over a specified time frame.

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72

Budget

A detailed projection of revenues and expenses for a specific period, typically used for planning and control.

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73

Human Resource Management

The strategic approach to managing an organization's workforce and workplace culture.

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74

Job Analysis

The process of gathering, documenting, and analyzing information about a job to inform HR practices.

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75

Recruitment

The process of attracting and selecting qualified candidates for job openings.

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76

Training

Activities designed to enhance the skills, knowledge, and competencies of employees.

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77

Workforce Diversity

The presence of a wide range of differences among individuals in an organization.

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78

Collective Bargaining

The process of negotiating labor contracts between employers and union representatives.

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79

Union Security

Employment agreements that dictate the relationship between union membership and job requirements.

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80

Performance Appraisal

A systematic evaluation of an employee’s performance, typically conducted annually.

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81

Employee Benefits

Non-wage compensations provided to employees, such as health insurance and retirement plans.

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82

Compensation Package

The total of all pay and benefits provided to an employee.

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83

Contingent Workers

Workers who do not have a permanent employment contract, such as freelancers or temporary workers.

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84

Organizational Culture

The shared values, beliefs, and practices that shape the behavior of individuals within an organization.

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85

Innovation

The process of translating an idea or invention into a good or service that creates value.

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86

Globalization

The increasing interconnectedness and interdependence of the world's economies, societies, and cultures.

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87

Competitive Advantage

The attributes that allow an organization to outperform its competitors.

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88

Consumer Behavior

The study of how individuals make decisions to spend their available resources on consumption-related items.

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89

Ethics in Business

The principles and standards that determine acceptable conduct in business organizations.

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90

Financial Management

The planning, organizing, directing, and controlling of financial activities such as procurement and utilization of funds.

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91

Market Research

The process of gathering, analyzing, and interpreting information about a market.

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92

Product Development

The creation of products or services that meet consumer needs and demands.

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93

Brand Equity

The value added to a product by having a well-known brand name.

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94

Supply Chain Management

The management of the flow of goods and services and involves the movement and storage of raw materials, work-in-progress inventory, and finished goods.

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95

Market Entry Strategies

Plans implemented to enter a new market, which can include exporting, licensing, and joint ventures.

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96

Business Ethics

The study of proper business policies and practices regarding potentially controversial issues.

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97

Corporate Governance

The system of rules, practices, and processes by which a company is directed and controlled.

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98

Stakeholder Engagement

The process of involving individuals and groups who may affect or be affected by a company's activities.

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99

Value Proposition

The promise of value to be delivered to customers, highlighting the benefits of a product or service.

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100

Market Share

The portion of a market controlled by a particular company or product.

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