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Standard of living
the level of wealth, comfort, material goods, and necessities available to its people.
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Quality of life
is more subjective and intangible measure. Includes intangible aspects such as quality of the environment, health, social interactions, leisure time, and a general belief that “life is good.”
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Factors of Production
- ( the resources used to produce goods and services. )
- Human resources
- Natural resources
- Capital: -Real capital
- -Financial capital
- Entrepreneurs
- Technology
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Canada has a _______________ system. outline?
- Canada has a mixed economic system.
- Based upon the private enterprise system (capitalism or market economy).
- Government intervenes to protect the interests of society.
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What are the Basic Rights of Private Enterprise
- Private property - The right to own, buy, sell, or leave as an inheritance private property including land, patents on inventions, and private possessions.
- Competition – The right to fair competition in the marketplace.
- Profits – The right to all after tax profits earned through business activities.
- Freedom of choice – The right to own and conduct business, change jobs, negotiate wages, and choose which products to buy.
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What are the Functional Areas of Business?
- Sales and Marketing
- Operations
- Customer Service
- Accounting and Finance
- Human Resources
- Research and Development
- Information Technology
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