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Canadian Business
Any organization established with the goal of generating profit by producing or providing goods and services.
Entrepreneurship and Innovation
The process of discovering a market opportunity and mobilizing the necessary resources to exploit it; exemplified by Shopify.
Adaptability
The ability of a business to stay updated on evolving industry trends to remain competitive and relevant.
Corporate Strategy
Planning for growth and aligning operations to meet long-term organizational goals.
Brand Strategy
Building a recognizable brand identity to attract and retain customers.
Business-Government Relations
The management of relationships with government agencies to ensure regulatory compliance and capitalize on partnerships or incentives.
International Business Opportunities
The potential for expanding into global markets to diversify revenue and reduce dependence on a single market.
Profit
The remaining amount after all operating expenses have been deducted from total revenue.
Not-for-Profit Organizations
Organizations that operate to serve the public rather than to generate profit.
Economic Systems
The structure of economic activity in a country; they manage the factors of production through input and output markets.
Factors of Production
Resources essential for producing goods and services, including labor, capital, entrepreneurs, natural resources, and information.
Labor
The workforce or human resources used in the production of goods and services.
Capital
The financial assets needed to start, sustain, and grow a business.
Entrepreneurs
Individuals who recognize opportunities and take risks to start and run businesses.
Natural Resources
Physical resources such as land, minerals, water, and trees used in production.
Information
Specialized knowledge, data, and insights that assist businesses in decision-making.
Command Economy
An economic system where a centralized government controls production, allocation, and resource distribution.
Communism
A social and economic ideology where the government owns all production and allocates resources to satisfy societal needs.
Socialism
An economic system where the government owns and operates major industries while allowing smaller businesses to remain privately owned.
Market Economy
An economic system where decisions regarding resource use and production are driven by supply and demand.
Input Market
The marketplace where households supply labor and capital to firms for production.
Output Market
The marketplace where firms provide goods and services to households.
Mixed Market Economy
Economic systems that incorporate elements of both command and market economies.
Privatization
The process of converting government enterprises into private companies.
Deregulation
The reduction of laws and regulations governing an industry to enhance business activity and competition.
Government as a Customer
The role of government in purchasing goods and services from businesses, providing a stable revenue source.
Government as a Competitor
Government-owned businesses that operate in direct competition with private firms.
Government as a Regulator
The enforcement of laws that ensure fair competition, protect consumers, and achieve social goals.
Taxes
Mandatory payments to government that fund various public services and operations.
Government Incentives
Financial support provided by the government to stimulate business growth and stabilize the economy.
Circular Flow Model
A model that illustrates interactions between households and businesses in a market economy.
Capitalism
An economic system characterized by private ownership and free market principles.
Consumer Freedom
The power of consumers to make choices regarding the purchase of goods and services.
Mixed Market Economies
Economic systems that uphold the dual roles of government and private sector in addressing market needs.
Lobbying
The act of influencing government policy or decision-making by individuals or groups.
Market Demand
The total quantity of a product that consumers are willing and able to purchase at various prices.
Supply and Demand
The relationship between the quantity of a product available and the desire for that product among consumers.
Gross Domestic Product (GDP)
The total monetary value of all finished goods and services produced within a country's borders in a specific period.
Purchasing Power Parity (PPP)
A theory suggesting exchange rates adjust so that identical goods cost the same in different countries.
Productivity
An economic measure comparing the efficiency of production in creating goods and services.
Balance of Trade
The difference in economic value between a country's exports and imports over a specific period.
National Debt
The total amount of money owed by a country's government to external creditors.
Inflation
The rate at which the general level of prices for goods and services rises, eroding purchasing power.
Consumer Price Index (CPI)
An index measuring the average change over time in the prices paid by consumers for goods and services.
Economic Stability
A condition in which the monetary supply and production levels grow at comparable rates.
Sociocultural Environment
The shared customs, values, and beliefs that influence consumer behavior and business operations.
Competitive Analysis
An evaluation of competitors to identify strengths, weaknesses, opportunities, and threats in the marketplace.
Viral Marketing
A marketing strategy that encourages individuals to share a product message, often facilitated by social media.
Corporate Social Responsibility (CSR)
The practice of businesses considering their impact on society and the environment in their operations.
Whistle-Blower Protection
Legislation designed to protect employees who report unethical or illegal activities within an organization.
Stakeholder Theory
A concept that emphasizes the importance of considering all stakeholders affected by business operations.
Acquisition
The purchase of one company by another, where the acquired company becomes part of the purchasing company.
Merger
The combination of two companies to form a new entity, often to achieve synergies.
Strategic Alliances
Cooperative agreements between businesses to pursue mutual benefits in research, development, and marketing.
Mintzberg’s Management Roles
A framework outlining the various roles managers play, including interpersonal, informational, and decision-making roles.
Technical Skills
Specialized knowledge or abilities needed to perform specific tasks or activities within an organization.
Human Relations Skills
The interpersonal skills required for managers to effectively lead and motivate employees.
Conceptual Skills
The capacity to understand complex situations and develop strategies for addressing organizational challenges.
Time Management Skills
The ability to prioritize tasks and manage time effectively to enhance productivity.
Decision-Making Skills
The process of identifying and evaluating options to choose the most appropriate course of action.
Corporate Culture
The collection of values, beliefs, and behaviors that shape how an organization operates and interacts.
Five Forces Model
A framework developed by Michael Porter, assessing competitive pressures within an industry.
Market Segmentation
The process of dividing a market into distinct groups of consumers with similar needs or characteristics.
Target Marketing
The practice of focusing marketing efforts on specific segments of the market.
Customer Relationship Management (CRM)
Strategies and technologies that companies use to manage and analyze customer interactions and data.
Financial Accounting
The field of accounting focused on preparing financial statements for external users.
Managerial Accounting
The process of providing financial and operational information for internal decision-making.
Accounting Equation
The foundational equation of accounting that expresses the relationship between assets, liabilities, and owner's equity.
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.
Income Statement
A financial report summarizing a company's revenues and expenses over a particular period.
Cash Flow Statement
A financial document showing how cash moves in and out of a business over a specified time frame.
Budget
A detailed projection of revenues and expenses for a specific period, typically used for planning and control.
Human Resource Management
The strategic approach to managing an organization's workforce and workplace culture.
Job Analysis
The process of gathering, documenting, and analyzing information about a job to inform HR practices.
Recruitment
The process of attracting and selecting qualified candidates for job openings.
Training
Activities designed to enhance the skills, knowledge, and competencies of employees.
Workforce Diversity
The presence of a wide range of differences among individuals in an organization.
Collective Bargaining
The process of negotiating labor contracts between employers and union representatives.
Union Security
Employment agreements that dictate the relationship between union membership and job requirements.
Performance Appraisal
A systematic evaluation of an employee’s performance, typically conducted annually.
Employee Benefits
Non-wage compensations provided to employees, such as health insurance and retirement plans.
Compensation Package
The total of all pay and benefits provided to an employee.
Contingent Workers
Workers who do not have a permanent employment contract, such as freelancers or temporary workers.
Organizational Culture
The shared values, beliefs, and practices that shape the behavior of individuals within an organization.
Innovation
The process of translating an idea or invention into a good or service that creates value.
Globalization
The increasing interconnectedness and interdependence of the world's economies, societies, and cultures.
Competitive Advantage
The attributes that allow an organization to outperform its competitors.
Consumer Behavior
The study of how individuals make decisions to spend their available resources on consumption-related items.
Ethics in Business
The principles and standards that determine acceptable conduct in business organizations.
Financial Management
The planning, organizing, directing, and controlling of financial activities such as procurement and utilization of funds.
Market Research
The process of gathering, analyzing, and interpreting information about a market.
Product Development
The creation of products or services that meet consumer needs and demands.
Brand Equity
The value added to a product by having a well-known brand name.
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.
Market Entry Strategies
Plans implemented to enter a new market, which can include exporting, licensing, and joint ventures.
Business Ethics
The study of proper business policies and practices regarding potentially controversial issues.
Corporate Governance
The system of rules, practices, and processes by which a company is directed and controlled.
Stakeholder Engagement
The process of involving individuals and groups who may affect or be affected by a company's activities.
Value Proposition
The promise of value to be delivered to customers, highlighting the benefits of a product or service.
Market Share
The portion of a market controlled by a particular company or product.