Business exam review

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For-profit business

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An organization that aims to earn profit

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Non-profit business

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Organized by collective money

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38 Terms

1

For-profit business

An organization that aims to earn profit

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2

Non-profit business

Organized by collective money

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3

Economic resourses

inputs used in the production of goods and services, including land, labor, and capital

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4

SMART goals

Provides a sense of priority and urgancy

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5

Human capital

Attributes of an employee (prior education, skills, intelligence, health, loyalty and puntuality)

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6

Outsourcing

Business strikes deal with a third party in the same country to carry out specific task

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7

Laissez-faire leader

A leadership style characterized by minimal direct supervision and a hands-off approach, allowing employees to make decisions and work independently

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8

4 P’s in marketing

Product, Price, Place, Promotion

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9

Liquidity

The ability of an asset to be quickly converted into cash without significantly affecting its value

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10

Producers

People making the product or service

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11

Consumers

People buying the product or service

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12

Money

Form of curency used for exchange

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13

Business plan

Plan for businesses future objectives and strategies to achieve those goals

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14

Law of supply and demand

Markets ability to produce goods and services based on consumer demand and supplier availability

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15

Market equilibrian

When the supply in the market is equal to the demand

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16

Human resources

The process of finding, evaluating, hiring and firing employees

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17

Components of a print ad

Attention, interest, desire and action

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18

Franchise

An agreement or license between two legally independent parties

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19

Forms of compensation

Various methods used to reward employees for their works including salary, wages, bonuses, benefits and non-monetary rewards

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20

Marketing

Process of planning and preparing goods and services from creation to sale

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21

Celebrity marketing

Uses a celebrities fame and image to promote a product

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22

Database marketing

Uses customer data to create a targeted market campaign

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23

Viral marketing

Customers share information about a company throught the internet

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24

Green marketing

Products are ecofriendly or have a positive impact on the planet

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25

Jingle marketing

Company uses a short song or tune in thier advertisments

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26

guerilla marketing

Low cost marketing strategies that are unconventional

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27

Direct competition

Products are virtually identical

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28

Indirect competition

Different products but could substitute eachother

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29

Goods

Physical tangible objects able to purchase

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30

Service

Intangible activities bought through interaction

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31

Sole propriership

Business owned and operated by a single individual

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32

Partnership

Two or more individuals share ownership and operation of business

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33

Corporation

Treated as a person in its own rights legally separated from the owners

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34

Primary industries

Businesses that exploit natural resources

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35

Secondary industries

Transforms raw materials into finished goods

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36

Tertiary industries

Service sector of industries

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37

International business

Canadians doing business abraod through other countries

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38

New economy

The shift of the economy changing from mainly manufacturing to a service industry

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