COMM 101- Midterm Review

Lockout

________- Put financial pressure on employees by refusing to allow them to enter the workplace.

Intervention

________- Required when negotiation process is stalled.

Classic entrepreneur

________: Accept risk that comes with starting their own company based on innovation /ideas.

Innovation

________ in technology has changed how businesses produce and distribute goods and how we communicate.

Internal labour market

________: inside the company- transfer to a diff job.

liability Ability

Limited ________ to attract financing Size- may be larger due toincreased resources Unlimited life Ease of transfer of ownership Ease of attracting employees Separation of ownership frommanagement.

Consumer

________ co- op: a co- op that provides products or services to its members.

Slowdowns

________- DO bare minimum- Put financial pressure on the organization by working at a slower pace, and by encouraging union members and the public to not purchase the organizations products.

Venture capital

________: invest in high growth company that have potential, voice in management, risk adverse.

Motivation

________ depends on how much we want something and how likely we are going to get it- expectations.

Mediators

________ can not issue binding decisions or impose settlement.

Labour Relations Board

________ issues formal "certificate "establishing union as exclusive agent for employees within the bargaining unit.

ANgel investors

________: like risk, provide early stage finacining for start up business in exchange for ownership.

Strikes

________: Temporary work stoppages by employees, calculated to add force to their demands.

economic concept of supply

Prices are decided by the ________ and demand.

Human resources

________: acquire, maintaining, develop people, policies, work life balance,

Structural

________: No demand for skill, retraining (robots take over job)

Acquisition

________: Purchase of a company by another company or by an investor group.

Recession

________- 2 or more consecutive 3- month periods of a decline in a country's GDP.

exchange of products

Marketing: Responsible for facilitating the ________ between an.

Reliable National Defense Transportation

________ means rails and roads Hospitals Economic development Safe drinking water Effective Police service.

chains covid

Access to global markets increases competition and need to enhance skills, ship to other counties, affects supply ________, goods from all over,

Quality workforce

Managements Goals: ________, controlled cost and flexibility.

Alderfers ERG

________ theory: expand maslows by saying the needs can over lap.

Grievance procedures

________: A formally established course of action for resolving employee complaints against management.

Frictional

________: Temporary not working, looking for job (Grad)

Division of profits

Unlimited liability (generalpartner)- reliable for debt ________ and tax Potential disagreementsamong partners Difficult in exiting /transferring /dissolving.

Balance of payments

________: Diff between money coming into the country and leaving country.

Provincial Government

________: Section 92 of the Constitution Act, 1867 Assigns to the province's legislative authority over "all matters of a merely local or private nature in the province (16 areas)

Exports

________: Goods and services made in one country and sold to others.

Capitalism

________: FREE market individuals own and operate the majority of businesses that provide goods and services.

Fringe Benifits

________: indirect compensation- vacation times, education, private health insurance.

Merchandise

Trade in ________: trade in goods= exports and imports.

Economic slowdown

Cyclical: ________, looking for job (recession)

Municipal Governments

________: Section 92 (8) province has exclusive responsibility for making laws relating to that municipalities.

Responsiveness

________: speed at which an organization can improve its products in response to customer feedback, employee suggestions, or competitive pressures.

Revenue

________: the money a company earns from providing services or selling goods to a customer.

Contract Manufacturing

________: foreign company manufactures private label goods under a domestic companies brand- You make sole and ill put it togetheer.

Embargo

________: Complete ban on imports or exports.

SASK

________ HAS TRADE SURPLUS- export more than import.

Centralization

________: degree to which authority is concentrated in one area of the level of organization.

Risk

________: The chance that an investments actual return will be different than expected.

Public

________: Shares are wildly held and available to ________.

Federal government

________: Section 91 of the Constitution Act, 1867- what gov can and cant do,

Replacement workers

________- Put pressure on the union by hiring non- union ________ in the event of a strike, or by threatening to move production to another facility in the event a contract is not reached.

Participative

________: share decisions with employees.

Expectation

________ of future prices- sales.

little input

Autocratic: directive, ________ from others.

Cooperation

________:** Separate entity created by law, existence and life span is separate from owners.

Arbitration

________: The use of a neutral third party who conducts a formal hearing on an unresolved dispute, and then decides on a solution.

Revenue

 the money a company earns from providing services or selling goods to a customer

Costs

 Expenses for rent, salaries, supplies, transportation and many other items that a business incurs from creating and selling goods and services

Risk

The chance that an investments actual return will be different than expected

Offering valuable goods and services Objective

to satisfy customer needs Providing employment Create employment for workers who fulfil and satisfy customer needs Contributing to our standard of living Products available, the wealth of the nation, lifestyle opportunities Improving quality of life Producing products that people need and want

Supports for business

workers comp

__Governments as regulators

 __

Provincial Government

 Section 92 of the Constitution Act, 1867 Assigns to the province's legislative authority over "all matters of a merely local or private nature in the province (16 areas)

Shared

immigration and ag

Municipal Governments

 Section 92 (8) province has exclusive responsibility for making laws relating to that municipalities

Capitalism

 FREE market individuals own and operate the majority of businesses that provide goods and services

Invisible Hand

 a term created by Adam Smith to describe how an individuals personal gain benefits others and a countrys economy

Market economy

Little govern control based on competition in the marketplace in which individuals own and operate the majority of businesses that provide goods and services

Mixed economy

 CANADA, most land and business are privately owned but with various levels of government involvement

Command economy

 Lots gov control the government decides what goods and services will be produced, how they will be produced, for whom available goods and services will be produced, and who owns and controls the factors of production

Factors of Production

Building Blocks of Business

Microeconomics

 Individual parts of the economy, Inventories,demand and supply, costs, sales incentives

Monopolistic Comp

Clothing, fast food

Equilibrium price

Price which quantity demanded is equal to the quantity supplied

Expectation of future prices

sales

Change in taxes

cost more to make

Total dollar value of all goods and services produced by all people in country in one year

want growth

Unemployment Rate- Calculated

number of unemployed divided by employed

Frictional

Temporary not working, looking for job (Grad)

Seasonal

not working during some months, not looking for work (farm)

Structural

No demand for skill, retraining (robots take over job)

Cyclical

Economic slowdown, looking for job (recession)

Consumer price index (CPI)

 Monthly index that measures changes in prices of basket of goods, in certain area

Inflation; years percentage change in CPI

2%

Stagflation

Period of slow economic growth high unemployment rates

Absolute advantage

Specialization, stick to what good at, easier to import tea than make

Comparative Advantage

 A country can produce a product at a lower cost

International Business

 Transactions that cross border of 2 or more countries

Exports

 Goods and services made in one country and sold to others

Imports

 Goods and services that are bought from other countries

Trade in Merchandise

trade in goods = exports and imports

Trade in Services

trade in services (consulting, financial, etc.)

Balance of trade

 Diff between value of a countries exports and value of its imports

SASK HAS TRADE SURPLUS

export more than import

Balance of payments

 Diff between money coming into the country and leaving country

Current world population

8 billion

Licensing

legal process using secret idea

Joint ventures

 2 or more business combine for venture

Direct foreign investment

Active ownership in foreign company

export/importing

LOW RISK

Natural

language, culture, regulatory

Tariff

a tax imposed on an imported good

Protective Tariffs

make imports less attractive to buyers than domestic products

Import Quota

Limit on quantity of a certain good that can be imported

Embargo

Complete ban on imports or exports

Chapter 4

Choosing form of ownership