BUSI

​______ is a financing technique whereby entrepreneurs make do with as few resources as possible and use other​ people's resources wherever they can.

. Bootstrapping

​______ is a mechanism for exchange between buyers and sellers.

A market

​__________ is when a company purchases and absorbs another company.

Acquisition

​__________ refers to the total quantity of goods and services produced by an economic system during a given period.

Aggregate output

​_____________ involves finding ways to use technological innovations to create new products or services that can be sold in the marketplace.

Applied​ R&D

​__________ is a term often used to refer to ethical or unethical behaviours by a manager or an employee of a business.

Business ethics

​__________ means moving away from organizing around departments and moving toward organizing around​ process-oriented team structures that cut across old departmental boundaries.

Business process management

​_______ social responsibility refers to the way in which a business tries to balance its commitments to all organizational stakeholders.

Corporate

Total government expenditures in 2013 were​ $235.3 billion. This exemplifies which role of the government in the Canadian​ economy?

Costumer

The way in which a nation allocates its resources among its citizens is determined by its​ _______________.

Economic System

​________ are people who recognize and seize opportunities and accept the risks associated with creating and operating a new business venture.

Entrepreneurs

​______ is the process of identifying an opportunity in the marketplace and accessing the resources needed to capitalize on that opportunity.

Entrepreneurship

​A(n) ______ is an individual who organizes and manages​ labour, capital, and natural resources to produce goods and services but also runs the risk of failure.

Entreprenuer

​______ are beliefs about what is right and​ wrong, or good and bad.

Ethics

​______ is the process by which the world economy is becoming a single interdependent system.

Globalization

​______ competitiveness is the ability of a country to generate more wealth than its competitors in world markets.

International

In a​ _____ economy, B2B and B2C exchanges take place without much government involvement.

Market

The equilibrium price is also called the​ ______.

Market Price

The three key geographic regions with most of the​ world's largest​ economies, biggest​ corporations, influential financial​ markets, and​ highest-income consumers are​ ___________, ____________, and​ _____________.

North​ America; Europe; Pacific Asia

​_________ is the strategy of paying suppliers and distributors to perform certain business processes or to provide needed materials or services.

Outsourcing

An examination of the conditions reflecting the relationship between business and​ government, usually in the form of government​ regulation, reflects in the​ _____ environment.

Political , legal

Which of the following factors is particularly important for multinational​ firms?

Political stability

​______ are taxes that cause poorer people to pay a higher percentage of income than richer people do.

Regressive revenue taxes

The situation is which quantity supplied exceeds quantity demanded in a market is described as​ ________.

Surplus

​______ is the process of getting a new technology out of the lab and into the marketplace.

Technology transfer

Intense price competition or elaborate advertising campaigns are examples of concerns addressed in which part of​ Porter's five forces​ model?

The rivalry among existing competitors

If a country has a trade​ surplus, it means that it has​ ______.

a favourable balance of trade

Saudi​ oil, Brazilian coffee​ beans, and Canadian timber are close examples of a country having​ a(n) _______________.

absolute advantage

The ability to produce something more efficiently than any other country is called​ _____________.

absolute advantage

All of the following factors are generally cited to explain the reasons why small businesses fail except​ ___________________.

access to resources

A market or industry characterized by a small number of very large firms that avoid direct price competition is described as​ _______________.

an oligopoly

The​ ______ is the total of a​ country's exports minus its imports.

balance of trade

​A(n) ______ is the pattern of​ short-term ups and downs in an economy.

business cycle

The ability to produce some products more efficiently than others is called​ ________________.

comparative advantage

Inflation in canada is measured by the​ _______________.

consumer price index

Most new venture ideas come from​ ______.

events relating to work or everyday life

Products that have been made or grown in in Canada but are shipped and sold abroad are called​ ___________________.

exports

The​ _____ environment includes economic​ conditions, technology, politicaldashlegal ​considerations, social​ issues, the global​ environment, issues of ethical and social​ responsibility, the business environment​ itself, and emerging challenges and opportunities.

external

The​ ______ is everything outside an​ organization's boundaries that might affect it.

external environment

A movement designed to help workers in developing countries receive fair payment for their work is called​ ___________.

fair trade

Canada has a comparative advantage in​ ___________.

farming

​A(n) ______ is an arrangement that gives the buyer the right to sell the product of the seller​ (owner).

franchise

As​ partners, Kabir is​ a(n) ________ because he is actively involved in the​ day-to-day operation of the​ business, while Julia is​ a(n) _________ because she is just an investor.

general​ partner; limited partner

Products that have been made or grown in another country but which are sold and used in Canada are called​ _________________________.

imports

Market equilibrium is determined by the​ _________.

intersection of the demand curve and the supply curve

People who exhibit entrepreneurial characteristics and create something new within an existing firm are called​ _____________.

intrapreneurs

Profit is important to business owners because​ _______________.

it provides motivation for risking time and money

All of the following factors are generally cited to explain the success of small business owners except ​_______________.

lack of control

The​ ______ is the principle that buyers will purchase more of a product as its price drops.

law of demand

Four basic factors explain most small business​ success: hard​ work, __________, managerial​ competence, and​ ___________.

market​ demand; luck

When two companies combine to form a single larger​ business, this is called​ a(n) ____________.

merger

In​ Canada, laws such as the Competition Act forbid​ ______________.

monopolies

During the 10 years after it was made a Crown​ corporation, Canada Post raised rates by 41 percent. This behaviour suggests that Canada Post was acting as​ a(n) _________.

monopoly

A​ country's ______ is the amount of money the government owes its creditors.

national debt

The BRICS group of nations are becoming increasingly important in international business because​ _____________.

of economic growth and potential for consumer demand

Corporate social responsibility refers to the way in which a business tries to balance its commitments to​ __________.

organizational stakeholders

Ethical and unethical behaviours are determined​ _________.

partly by the individual and partly by the culture

Canadian agriculture provides a good example of an industry in which there exists​ ________.

perfect competition

Laws and regulations imposed on business by the government are part of the​ ____________ environment of business.

political, legal

​A(n) ______ is a business whose shares of stock are held by only a few shareholders and are not widely available for purchase.

private corporation

An economic system characterized by private property​ rights, freedom of​ choice, profits, and competition is best described as​ __________________.

private enterprise

A business is an organization that seeks to earn​ ______ by providing​ ______.

profit; goods and services

The Food and Drug Act is an example of a piece of legislation that​ ______.

protects consumers

​A(n) ______ is a business whose shares of stock are widely held and available for sale to the general public.

public corporation

When the economy experiences two or more consecutive quarters of decline in GDP we call this​ a(n) _______________.

recession

Sales taxes are an example of​ ___________.

regressive revenue taxes

The Canadian​ Radio-television and Telecommunications Commission is a​ ______.

regulatory agency

​A(n) ______ is an estimate of how much of a product or a service will be purchased by the prospective customers for a specific period of time.

sales forecast

An organizational boundary​ _____________.

separates the organization from its environment

It may surprise you to learn that 98.2 percent of all businesses in Canada are considered​ _________.

small businesses

​A(n) ______ is an​ owner-managed business that does not dominate its​ market, while​ a(n) ______ is a recently formed commercial organization that provides goods​ and/or services for sale.

small​ business; new venture

When​ McDonald's responds to concerns about nutrition and health by adding salads to its​ menu, they are pursuing opportunities in the​ ____________ environment.

socio, cultural

The​ __________environment includes the​ customs, values,​ attitudes, and demographic characteristics of the society in which a company operates.

socio-cultural

Consumer tastes and preferences are part of the​ _______________.

socio-cultural environment

The​ ______ is the total quantity and quality of goods and services that a​ country's citizens can purchase with the currency used in its economic system.

standard of living

A​ _____________ involves two or more enterprises temporarily cooperating in the​ research, development,​ manufacture, or marketing of a product.

strategic alliance

One benefit to buying an existing business is that​ _____.

the odds of success are better

When someone purchases a train ticket instead of an airplane ticket to take a trip between two​ cities, this reflects​ ______ according to​ Porter's five forces model.

the threat of substitute products

Sameer is considering buying a franchise. One disadvantage he should be aware of is​ _________.

there is little room to develop your own ideas

A major disadvantage of sole proprietorship is​ ____

unlimited liability

General partners have​ ________, while limited partners have​ ________.

unlimited​ liability; limited liability

Ethics​ ________________.

vary from person to​ person, from situation to​ situation, and from culture to culture

A strategy of using the internet and​ word-of-mouth marketing to spread product information is called​ ________________.

viral marketing

Profit is what remains after a​ business's ______ have been subtracted from its​ ______.

​expenses; revenue

Four factors contribute to small business​ failure: __________,​ neglect, weak control​ systems, and​ ___________.

​inexperience; insufficient capital

Although many people associate technology with​ ______. it is also a significant factor in the​ ______ sector.

​manufacturing; service

A business is an organization that seeks to earn​ ______ by providing​ ______.

​profit; goods and services

Both​ ______ and​ ______ are considered command economies.

​socialism; communism