Canadian Business Characteristics_Week 1

How is Canadian business characterized?

• Uniformity and stagnation

• Diversity, innovation, and adaptability

• Limited industry range

• Focus on agriculture only

What industries does Canadian business encompass?

• Only natural resources

• Only technology

• Only services

• A wide range of industries, from natural resources and manufacturing to technology and services

What are the main goals of Canadian businesses?

• Profitability, stagnation, and isolation

• Profitability, sustainability, and growth

• Decline, loss, and outsourcing

• Profitability, sustainability, and contributing to the nation's economic development and well-being

What is a primary goal for businesses in Canada according to the learning material?

• To reduce operational costs to the minimum

• To generate profits

• To focus solely on local markets

• To decrease market share

How do Canadian businesses aim to operate to ensure sustainability?

• By maximizing short-term gains

• By focusing on rapid expansion only

• In an environmentally responsible and socially conscious manner

• By ignoring the long-term impact of their operations

What are common objectives for Canadian businesses in terms of growth?

• To reduce their market presence

• To maintain the status quo

• To expand and grow both nationally and internationally

• To focus on domestic markets only

Why do many Canadian businesses prioritize innovation?

• To comply with local regulations only

• To remain competitive in a globalized economy

• To avoid creating new products, services, and processes

• To reduce their operational size

What is the definition of a business?

• An organization that provides services only.

• An organization or entity engaged in commercial, industrial, or professional activities with the primary goal of providing goods or services to customers.

• A non-profit organization that works for the welfare of society.

• A government entity responsible for regulating trade.

What is the primary purpose of a business?

• To generate revenue for the government.

• To provide employment to the local community.

• To fulfill the needs and wants of consumers by offering products or services that address specific demands in the marketplace.

• To invest in financial markets and generate profits.

What is the definition of profit?

• The financial loss incurred by a business

• The financial gain or surplus that remains after subtracting all the costs, expenses, and taxes associated with running a business from the revenue generated by selling goods or services

• The total revenue generated by selling goods or services without subtracting any costs

• The amount of money a business has before it starts operating