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University of Toronto Scarborough
Management (MGT)

Chapter Term Definition 1 business An organization that seeks to earn profits by providing goods and services 1 Canada Water Act Controls water quality in fresh and marine waters of Canada 1 Canadian Radiotelevision A federal regulatory agency that issues and renews broadcast and Telecommunications licences Commission CRTC 1 Canadian Transport A federal regulatory agency that makes decisions about route Commission CTC and rate applications for commercial air and railway companies 1 Canadian Wheat Board A federal regulatory agency that regulates the prices of wheat 1 capital The funds needed to operate an enterprise 1 capitalism An economic system in which markets decide what when and for whom to produce 1 command economy An economic system in which government controls all or most factors of production and makes all or most production decisions 1 communism A type of command economy in which the government owns and operates all industries 1 competition The vying among businesses in a particular market or industry to best satisfy consumer demands and earn profits 1 demand The willingness and ability of buyers to purchase a product or service 1 demand and supply Assessment of the relationships between different levels of schedule demand and supply at different price levels 1 demand curve Graph showing how many units of a product will be demanded bought at different prices 1 deregulation A reduction in the number of laws affecting business activity 1 economic system The way in which a nation allocates its resources among its citizens 1 entrepreneur An individual who organizes and manages labour capital and natural resources to produce goods and services to earn a profit but who also runs the risk of failure 1 Environmental Establishes regulations for airborne substances that are a Contaminants Act danger to human health or to the environment 1 factors of production The resources used to produce goods and services labour capital entrepreneurs and natural resources 1 factory system A process in which all the machinery materials and workers required to produce a good in large quantities are brought together in one place 1 finance era The period during the 1980s when there were many mergers and much buying and selling of business enterprises 1 Fisheries Act Regulates the discharge of harmful substances into water 1 Food and Drug Act Prohibits the sale of food unfit for human consumption and regulates food advertising 1 Hazardous Products Act Regulates banned products and products that can be sold but must be labelled hazardous 1 Industrial Revolution A major change in goods production that began in England in the mideighteenth century and was characterized by a shift to the factory system mass production and specialization of labour 1 information resources Information such as market forecasts economic data and specialized knowledge of employees that is useful to a business and that helps it achieve its goals 1 input market Firms buy resources that they need in the production of goods and services 1 labour The mental and physical training and talents of people sometimes called human resources 1 law of demand The principle that buyers will purchase demand more of a product as price drops 1 law of supply The principle that producers will offer supply more of a product as price rises 1 lobbyist A person hired by a company or an industry to represent its interests with government officials 1 market A mechanism for exchange between the buyers and sellers of a particular good or service 1 market economy An economic system in which individuals control all or most factors of production and make all or most production decisions 1 market price or Profitmaximizing price at which the quantity of goods equilibrium price demanded and the quantity of goods supplied are equal 1 marketing era The period during the 1950s and 1960s when businesses began to identify and meet consumer wants to make a profit 1 mass production The manufacture of products of uniform quality in large quantities 1 mixed market economy An economic system with elements of both a command economy and a market economy in practice typical of most nations economies 1 monopolistic competition A market or industry characterized by a large number of firms supplying products that are similar but distinctive enough from one another to give firms some ability to influence price 1 monopoly A market or industry with only one producer who can set the price of its product andor resources 1 natural monopoly A market or industry in which having only one producer is most efficient because it can meet all of consumers demand for the product 1 natural resources Items used in the production of goods and services in their natural state including land water mineral deposits and trees 1 oligopoly A market or industry characterized by a small number of very large firms that have the power to influence the price of their product andor resources 1 output market Firms supply goods and services in response to demand on the part of consumers 1 perfect competition A market or industry characterized by a very large number of small firms producing an identical product so that none of the firms has any ability to influence price 1 private enterprise An economic system characterized by private property rights freedom of choice profits and competition 1 privatization The transfer of activities from the government to the public sector Copyright2008 Pearson Education Canada21 production era The period during the early twentieth century when businesses focused almost exclusively on improving productivity and manufacturing methods 1 profit What remains if anything after a businesss expenses are subtracted from its sales revenues 1 progressive revenue taxes Taxes levied at a higher rate on higherincome taxpayers and at a lower rate on lowerincome taxpayers 1 regressive revenue taxes Taxes that cause poorer people to pay a higher percentage of income than richer people pay 1 restrictive taxes Taxes levied to control certain activities that legislators believe should be controlled 1 revenue taxes Taxes whose main purpose is to fund government services and programs 1 sales era The period during the 1930s and 1940s when businesses focussed on sales forces advertising and keeping products readily available 1 shortage Situation in which quantity demanded exceeds quantity supplied 1 socialism A kind of command economy in which the government owns and operates the main industries while individuals own and operate less crucial industries 1 specialization The breaking down of complex operations into simple tasks that are easily learned and performed 1 supply The willingness and ability of producers to offer a good or service for sale 1 supply curve Graph showing how many units of a product will be supplied offered for sale at different prices 1 surplus Situation in which quantity supplied exceeds quantity demanded 1 Textile Labelling Act Regulates the labelling sale importation and advertising of consumer textile articles 1 Tobacco Act Prohibits cigarette advertising on billboards and in retail stores and assigns financial penalties to violators 1 trade association An organization dedicated to promoting the interests and assisting the members of a particular industry 1 Weights and Measures Act Sets standards of accuracy for weighing and measuring devices 2 acquisition One firm buys another firm and absorbs it into its operations 2 aggregate output Total quantity of goods and services produced by an economic system during a given period 2 applied RampD Focussing specifically on how a technological innovation can be put to use in the making of a product or service that can be sold in the marketplace 2 balance of trade The total of a countrys exports sales to other countries minus its imports purchases from other countries 2 basic or pure RampD Improving knowledge in an area without a primary focus on whether any discoveries that might occur are immediately marketable 2 budget deficit The result of the government spending more in one year than it takes in during that year Copyright2008 Pearson Education Canada3
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