Entrepreneurship and Economics Lecture Review

This flashcard set covers key concepts and terms related to entrepreneurship and economics from the lecture notes.

Entrepreneurship

The act of taking risks and using innovation to start and manage a business.

Economic Growth

The increase in the production of goods and services in an economy.

Social Entrepreneur

An entrepreneur who focuses on solving social or environmental issues.

Sole Proprietorship

A business owned by one person, who has full control and full liability.

Business Plan

A document that outlines the goals, structure, and strategy of a business.

Business Model Canvas

A one-page tool to describe, design, and analyze a business model.

Fiscal Policy

Government policy regarding taxation and spending to influence economic conditions.

Monetary Policy

Policy controlled by the Bank of Canada that manages money supply and interest rates.

Free Market Economy

An economic system where prices are determined by unrestricted competition between privately owned businesses.

Corporate Social Responsibility (CSR)

The responsibility of businesses to consider their impact on society and the environment.

Supply Chain

The system that connects all steps from raw materials to final consumers.

Quality Control

The process of ensuring that products meet established quality standards.

Lean Manufacturing

An approach to production that focuses on minimizing waste and maximizing efficiency.

Triple Bottom Line

A framework that considers three dimensions of performance: social, environmental, and economic.

Job Analysis

The process of identifying job duties and qualifications for a specific role.

Recruitment

The process of attracting potential candidates for employment.

Economic Indicators

Statistics that provide information about the economic performance and condition of a country.

Leading Indicators

Economic factors that change before the economy starts to follow a particular pattern or trend.

Unemployment Rate

The percentage of the labor force that is jobless and actively seeking employment.

Circular Economy

An economic system aimed at eliminating waste and the continual use of resources by reusing, recycling, and regenerating.