Admin Ch1

  1. Standard of living
    the level of wealth, comfort, material goods, and necessities available to its people.
  2. 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.”
  3. Factors of Production
    • ( the resources used to produce goods and services. )
    • Human resources
    • Natural resources
    • Capital: -Real capital
    •             -Financial capital
    • Entrepreneurs
    • Technology
  4. 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.
  5. 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.
  6. What are the Functional Areas of Business?
    • Sales and Marketing
    • Operations
    • Customer Service
    • Accounting and Finance
    • Human Resources
    • Research and Development
    • Information Technology
Card Set
Admin Ch1
Admin Ch1