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Natural resources

Resources that come from earth, water, and air, often non-renewable.

Human resources

Labor required to produce goods and services.

Capital resources

Resources that last for a long time and often require significant investment, such as buildings and equipment.

Liquid Capital

Capital that is easy to spend.

Non-Liquid Capital

Capital that is harder to spend.

Productivity

The quantity and quality of work performance in an organization.

Training

Teaching workers to be more efficient and effective.

Capital Investments

Investments in new technologies or systems to enhance business efficiency.

Interdependence

When businesses rely on each other to produce goods and services.

Economy

An interdependent system where governments and businesses provide goods and services.

Economic systems

Systems addressing the production, distribution, and consumption of goods and services.

Centrally Planned Economy

An economic system where the government controls all economic decisions.

Capitalist Economy (Free Market)

An economic system where consumers determine production through their spending.

Mixed Economy

An economic system combining elements of both centrally planned and capitalist economies.

GDP (Gross Domestic Product)

The total market value of all goods and services produced within a country in one year.

Unemployment Rate

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

Inflation

The persistent rise in the average level of prices, reducing purchasing power.

Domestic Business

Business transactions that occur within a country’s borders.

International Business

Trade involving goods and services across international borders.

Benefits of International Business

Access to new markets, cheaper labor, increased quality, and resources.

Social Costs of International Business

Negative impacts, such as outsourcing and labor abuses, from international trade.

International Trade

Trade that allows countries to access goods and services not available domestically.

Imports

Goods or services brought into a country from abroad.

Top Imports to Canada

Cars, refined petroleum, delivery trucks, crude petroleum, computers.

Top Imports to the US

Electrical machinery, vehicles, crude oil, pharmaceuticals, plastic articles.

Exports

Goods or services sold from one country to another.

Top Exports from Canada

Crude petroleum, cars, gold, refined petroleum, vehicle parts.

Top Exports from the US

Crude petroleum, gasoline, natural gas, civilian aircraft parts, passenger vehicles.

Trading Partners

Countries with which a domestic business develops relationships for trade.

Free Trade Agreements

Agreements facilitating international business opportunities.

Business Culture

The sum of a country’s beliefs, customs, and ways of life.

Measuring Business Success

Based on increasing profits, employee satisfaction, and personal satisfaction.

Reasons for Business Failure

Caused by lack of demand, skills, capital, and competitiveness among others.

Fishing and Trapping

One of the six primary industries involving natural resources.

Agriculture

Another primary industry focused on cultivating plants and livestock.

Mining

The extraction of minerals and resources from the earth.

Energy and Fuel

Industry focused on producing energy sources like oil and gas.

Water Industry

Sector involved in managing and distributing water resources.

Forestry and Logging

Industry focused on harvesting timber and managing forests.

Example of Management's Concern

Management focuses on quantity and quality in productivity.

Example of Domestic Business

Trade conducted strictly within Canada.

Example of International Business

Trade and transactions involving both Canada and the US.

Environmental Degradation

Negative impact on nature from overusing natural resources.

Example of Social Costs

Outsourcing production to countries with cheaper labor.