Business Exam: Chapter 1

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Author:
jppsanchez89
ID:
304617
Filename:
Business Exam: Chapter 1
Updated:
2015-06-30 14:37:24
Tags:
Business
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Description:
For final exam
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  1. An organization that strives to make a profit by providing goods and services desired by its customers.
    Business
  2. Measurement of outputs of products (private and public) that people can buy with the money they have.
    Standard of living
  3. General Level of human happiness
    Quality of life
  4. Potential of losing resources
    Risk
  5. The money a company earns
    Revenue
  6. Expenses to generate revenue
    Cost
  7. The different between revenue and cost
    Profit
  8. Federal Government oversees...
    • - money and banking
    • - trade regulations
    • - external relations
    • - defence
    • - criminal law
    • - transportation
  9. Provincial Government oversees...
    • Administration of labour laws
    • education
    • health and welfare
    • protection of property rights
    • natural resources
    • environment
  10. Municipal Government oversees...
    • water, sewer, waste collection
    • encourage economic development
    • use bylaws to regulate
  11. Government's Role in business..
    • customer
    • competitor
    • provider of essential services
    • taxation agent
    • regulator
  12. Protection for inventors
    patents
  13. Protection for creators of works of art, music, literature or other intellectual properties
    Copyright
  14. Design, name or other distinctive marks
    Trademark
  15. Consumer Rights
    • right of choice
    • right of safety
    • right of honesty
    • right to be informed
  16. Taxes
    • Income tax
    • property tax
    • payroll tax
    • sales tax
    • excise tax

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