Consumerism
A movement to increase the rights and powers of buyers.
Warranties
A guarantee of performance (either implied or expressed)
Strict Liability
Manufacturer/seller is responsible for any damage or harm done caused by defective products.
Federal
The level of government that controls/monitors the following:
Money & Banking
Defence
Trade Regulation
Transportation
Provincial
The level of government that controls/monitors the following:
Education
Health
Protection of property
Natural Resources
Municipal
The level of government that controls/monitors the following:
Sewers
Waste Treatment
Encourages Economic Development
Ethics
Referring to the standards of moral behaviour
Is it legal?
The first step when facing an ethical dilemma is to ask: ____?
Whistleblower
The term that describes someone who reports illegal or unethical behaviour.
Business
An activity that seeks to provide good and services to others while earning a profit.
Entrepreneur
A person who risks time and money to manage a business.
Revenue
Total amount of money taken in a period of time selling good/services. ( Profit - Expenditures )
Risk
The chances an entrepreneur takes of losing time and money on a business that may not be profitable.
Stakeholders
___ are people that may gain or lose as a result of policies and activities of a business.
Factors of production
Land, labor, capital, and entrepreneurship are all examples of ______
Objectives of business
1. Survival
2. Growth
3. Social responsibility
4. Profit
Regulations
Rules or orders made by government to carry out the purposes set out. Exist to protect both businesses and consumers.
Technology
Inventions or innovations from applied science or engineering research
e-business
when referring to any information system or application that empowers business processes. (Web-based)
demography
The statistical study of the human population with regard to its size, density, and other characteristics such as age, race, gender, and income.