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BUSM 1100 – Questions With Complete Solutions
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BUSM 1100 – Questions With Complete SolutionsDefine the nature of Canadian Business and identify its main goals Right
Ans - 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 Right Ans - 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? Right Ans - an economic system is how a
nation allocates its resources amongst its citizens
what is "factors of production"? Right Ans - 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
Right Ans - 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 Right Ans - 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 Right Ans - government
competes with crown corporations, ex: hydro-quebec and canada post
describe government as a regulator Right Ans - 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 Right Ans - 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
Right Ans - The government provides incentives and financial assistance to
stimulate economic growth and development.
describe the government as a provider of essential services Right Ans - the
various levels of government provide essential supplies like highways, the
armed fores, the minting of money etc, through the services they supply
show how demand and supply affect resource distribution in Canada Right
Ans - the economy is strongly influenced by supply and demand. Demand is
the willingness to buy, and supply is the willingness or ability to
produce/provide a service or good.
Supply and demand work together to produce a market, or equilibreum price,
which is the price at which the wuantity of goods demanded and teh quantity
of goods supplied are equal
,identify the elements of private enterpriseand explain the various degrees of
competition in the Canadian system Right Ans - the canadian economy
system is founded on the principles of private enterprise. Private property
rights, freedom of choice, profits and competition
Degrees of competition vary because not all industries are equally
competitive.
Pure competion is goverened solely by suply and demand
Monopllistic competition is ruled by a small number of sellers, all trying to
differentiate their product
Oligarchy is when there are only a handful of sellers and tehy fiercly compete
with one another
In a monopoly, there is only one seller
Explain the concepts of organizational boundaries and multiple organizational
environments Right Ans - all businesses operate within a larger external
environment, aka anything outside of the organization that may affect it.
An organizational boundary is what will separate it from its environment.
Organizational environments consist or anything from economic conditions,
tech, political-legal considerations, social issues, the global environment and
ethical issues.
With this comes new emerging issues and opportunities
explain the importance of the economic environment to business and identify
the factors used to evaluate the performance of an economic system Right
Ans - the economic environment is the economic system in which the business
firms operate
the goals of the Canadian system are
-economic growth
-economic stability
, -full employment
GDP (Gross Domestic Product) id the total value of goods and services
produced within a given period by a national economy domestically.
The government manages the economy through fiscal and monetary policies
describe the technological environment and its role in business Right Ans -
Technology refers to all teh ways that firms create value for their constituents,
including human knowledge, work methods, physical equipment, electronics
and telecommunications.
The innovation process includes research and development, which gives new
ideas for products, services and processes.
Two categories of business related technologies:
Products and Service Technologies
Describe the political-legal environment and its role in business Right Ans -
This environment is the relationship between government and businesses.
The legal system says what a business can and cannot do
Government agencies regulate business aspects like advertising, health and
safety concerns and business conduct.
Pro or anti business sentiment can influence business activity
describe the socio-cultural environment and its role in business Right Ans -
This is inclusive of the customs, values and demographic characteristics of
society.
Socio-cultural processes determine the goods ands ervices as well as the
standards of business conduct that a society values and accepts.
How can culture affect an organization? Right Ans - political influence
attitudes of workforce
shape of the market
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