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griffin_glossary.pdf


Department
Management (MGT)
Course Code
MGTA01H3
Professor
mcckoncey

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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 Radio-television
and Telecommunications
Commission (CRTC)
A federal regulatory agency that issues and renews broadcast
licences.
1 Canadian Transport
Commission (CTC)
A federal regulatory agency that makes decisions about route
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
schedule
Assessment of the relationships between different levels of
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
Contaminants Act
Establishes regulations for airborne substances that are a
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 mid-eighteenth century and was characterized by a shift to
the factory system, mass production, and specialization of

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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
equilibrium price)
Profit-maximizing price at which the quantity of goods
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 and/or 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 and/or 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.
Copyright © 2008 Pearson Education Canada
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1 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 business’s expenses are
subtracted from its sales revenues.
1 progressive revenue taxes Taxes levied at a higher rate on higher-income taxpayers and
at a lower rate on lower-income 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 R&D 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 country’s exports (sales to other countries)
minus its imports (purchases from other countries).
2 basic (or pure) R&D 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.
Copyright © 2008 Pearson Education Canada
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