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BUSM 1100 Questions and Answers (100% Pass)
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BUSM 1100 Questions and Answers (100% Pass)
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1|Page | © copyright 2024/2025 | Grade A+BUSM 1100 Questions and Answers
(100% Pass)
Define the nature of Canadian Business and identify its main goals
✓ Businesses are organizations that produce or sell goods or services to
make a profit.
✓
✓ Profits are the difference between a business' revenues and expenses.
The prospect of earning profits encourages individuals and
organizations to open and expand businesses. The benefits of business
activities also extend to wages pad to workers and to taxes that
support government functions.
2. Describe different types of global economic systems according to the
means by which they control the factors of production through input and
output markets
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ The types of economic systems are
✓ command economy, mixed market economy and market economy.
✓
✓ The command economy relies mainly on the government to control all
or most of the factors of production and to make all or most of the
decisions regarding production and allocation
✓
✓ The market economy individuals, consumers and producers make
production and allocation decisions through supply and demand
✓
✓ The mixed market economy is a mix of the command and economic
systems One trend in a mixed market economy is privitization of
previously government owned industries or companies
what is an economic system?
✓ an economic system is how a nation allocates its resources amongst its
citizens
what is "factors of production"?
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ factors of production is the way that economic systems differ based on
who controls and owns the resources
describe the interactions between business and the government of canada
✓ the government plays the following roles in canadian business. The
government as:
✓
✓ -customer
✓ -competitor
✓ -regulator
✓ -taxation agent
✓ -provider of incentives and financial assistance
✓ -provider of essestial services
explain the government as a customer
✓ the government buys supplies, land and more from businesses. Most
businesses depend on this for survival or a percentage of their
prosperity
describe the government as a competitor
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ government competes with crown corporations, ex: hydro-quebec
and canada post
describe government as a regulator
✓ The government regulates certain businesses for reasons including
protectivng competition, protecting consumers, achieving social goals
and protecting the environment
describe the government as a taxation agent
✓ the government collects taxes from businesses and citizens. Higher
taxes are collected from higher earning individuals and businesses,
lower taxes are collected from lower earning businesses and individuals
describe the government as a provider of incentives ad financial assistance
✓ The government provides incentives and financial assistance to
stimulate economic growth and development.
describe the government as a provider of essential services
✓ the various levels of government provide essential supplies like
highways, the armed fores, the minting of money etc, through the
services they supply
Master01 | October, 2024/2025 | Latest update
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