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For-profit business
An organization that aims to earn profit
Non-profit business
Organized by collective money
Economic resourses
inputs used in the production of goods and services, including land, labor, and capital
SMART goals
Provides a sense of priority and urgancy
Human capital
Attributes of an employee (prior education, skills, intelligence, health, loyalty and puntuality)
Outsourcing
Business strikes deal with a third party in the same country to carry out specific task
Laissez-faire leader
A leadership style characterized by minimal direct supervision and a hands-off approach, allowing employees to make decisions and work independently
4 P’s in marketing
Product, Price, Place, Promotion
Liquidity
The ability of an asset to be quickly converted into cash without significantly affecting its value
Producers
People making the product or service
Consumers
People buying the product or service
Money
Form of curency used for exchange
Business plan
Plan for businesses future objectives and strategies to achieve those goals
Law of supply and demand
Markets ability to produce goods and services based on consumer demand and supplier availability
Market equilibrian
When the supply in the market is equal to the demand
Human resources
The process of finding, evaluating, hiring and firing employees
Components of a print ad
Attention, interest, desire and action
Franchise
An agreement or license between two legally independent parties
Forms of compensation
Various methods used to reward employees for their works including salary, wages, bonuses, benefits and non-monetary rewards
Marketing
Process of planning and preparing goods and services from creation to sale
Celebrity marketing
Uses a celebrities fame and image to promote a product
Database marketing
Uses customer data to create a targeted market campaign
Viral marketing
Customers share information about a company throught the internet
Green marketing
Products are ecofriendly or have a positive impact on the planet
Jingle marketing
Company uses a short song or tune in thier advertisments
guerilla marketing
Low cost marketing strategies that are unconventional
Direct competition
Products are virtually identical
Indirect competition
Different products but could substitute eachother
Goods
Physical tangible objects able to purchase
Service
Intangible activities bought through interaction
Sole propriership
Business owned and operated by a single individual
Partnership
Two or more individuals share ownership and operation of business
Corporation
Treated as a person in its own rights legally separated from the owners
Primary industries
Businesses that exploit natural resources
Secondary industries
Transforms raw materials into finished goods
Tertiary industries
Service sector of industries
International business
Canadians doing business abraod through other countries
New economy
The shift of the economy changing from mainly manufacturing to a service industry
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