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Canadian Business Final Exam Review Questions With Complete Solutions
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Stake holders importance correct answer: o Ppl who are affected by the business o Stakeholders are affected by what businesses do. Non-profit organizations raise funds and use them to support charitable activities. Importance of Entrepreneurship correct answer: new products, improve economic ...

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  • September 27, 2023
  • 10
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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Canadian Business Final Exam Review
Questions With Complete Solutions

Stake holders importance correct answer: o Ppl who are
affected by the business
o Stakeholders are affected by what businesses do. Non-profit
organizations raise funds and use them to support charitable
activities.

Importance of Entrepreneurship correct answer: new products,
improve economic wealth, improve market competition, further
research

Factors of Production correct answer: The five Factors of
Production include: land, labour, capital goods,
entrepreneurship, and knowledge.

service sector replaced manufacturing correct answer: o The
service sector has replaced manufacturing as the principal
provider of jobs due to technology, outsourcing and specialized
industries ex. health, education, legal services

Economics correct answer: the study of how society manages
its scarce resources

Capitalism correct answer: An economic system based on
private ownership of capital

, Free markets correct answer: Markets that are allowed to
operate without undue interference from the government

Socialism/Communism correct answer: o Socialism based on
the premise that some businesses should be owned by the
government.
o Communism, the government owns almost all major
production facilities and dictates what gets produced and by
whom.

Mixed Economy of Canada correct answer: part capitalist and
part socialist, some businesses are privately owned, but taxes
tend to be high to distribute income more evenly among the
population

Importance of Exports/Imports correct answer: Creates jobs,
bring new potential for sales, may increase countries profits,
new products, absolute advantage

Reaching Global Markets correct answer: Exporting, licensing,
franchising, contract manufacturing, joint ventures, strategic
alliances, and foreign direct investment.

multinational corporation correct answer: An organization that
manufactures and markets products in many different countries
and has multinational stock ownership and multinational
management

7 categories correct answer: Crown Corporations
Laws and Regulations
The Bank of Canada

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