Podcast
Questions and Answers
What percentage of executives expected AI to increase their company's productivity?
What percentage of executives expected AI to increase their company's productivity?
- 65%
- 96% (correct)
- 36%
- 77%
According to the study, most employees feel that AI has reduced their workload.
According to the study, most employees feel that AI has reduced their workload.
False (B)
What percentage of employees reported feeling burned out?
What percentage of employees reported feeling burned out?
71%
___% of executives mandated the use of AI.
___% of executives mandated the use of AI.
Match the following factors with their descriptions:
Match the following factors with their descriptions:
What is one reason provided for not seeing expected productivity gains from AI?
What is one reason provided for not seeing expected productivity gains from AI?
65% of employees struggle to meet demands imposed by AI implementation.
65% of employees struggle to meet demands imposed by AI implementation.
Name one demographic factor that influences business environments.
Name one demographic factor that influences business environments.
Which of the following factors is NOT included in the Better Life Index?
Which of the following factors is NOT included in the Better Life Index?
Improvements in technology only lead to job losses.
Improvements in technology only lead to job losses.
Which of the following is a definition of business according to the Cambridge Dictionary?
Which of the following is a definition of business according to the Cambridge Dictionary?
What is the primary purpose of the Better Life Index?
What is the primary purpose of the Better Life Index?
The primary goal of business is to fill a need.
The primary goal of business is to fill a need.
What are the two main types of products in business?
What are the two main types of products in business?
The ________ stakeholder group includes those who are directly impacted by a business's operations.
The ________ stakeholder group includes those who are directly impacted by a business's operations.
Match the following countries with their rankings in the Better Life Index:
Match the following countries with their rankings in the Better Life Index:
The dominant industry in the current Canadian economy is __________.
The dominant industry in the current Canadian economy is __________.
Which of the following statements about stakeholders is true?
Which of the following statements about stakeholders is true?
Match the following business concepts with their definitions:
Match the following business concepts with their definitions:
Which career path is NOT mentioned as a consideration in business?
Which career path is NOT mentioned as a consideration in business?
Higher paying jobs tend to require less specialization.
Higher paying jobs tend to require less specialization.
List three factors that contribute to quality of life according to the provided content.
List three factors that contribute to quality of life according to the provided content.
More revenue always equals more profit.
More revenue always equals more profit.
What is the primary action that entrepreneurs take on when starting a business?
What is the primary action that entrepreneurs take on when starting a business?
Which of the following factors is NOT part of the business environment?
Which of the following factors is NOT part of the business environment?
The legal environment includes restrictions placed on businesses by federal and provincial laws.
The legal environment includes restrictions placed on businesses by federal and provincial laws.
What is the main purpose of understanding the economic environment for a business?
What is the main purpose of understanding the economic environment for a business?
The process of monitoring and responding to factors affecting business is known as __________.
The process of monitoring and responding to factors affecting business is known as __________.
Match the following business environments with their definitions:
Match the following business environments with their definitions:
What is one major impact of the technological environment on businesses?
What is one major impact of the technological environment on businesses?
Equity and fair treatment are considered part of the business values.
Equity and fair treatment are considered part of the business values.
Name one example of how competition law impacts business practices.
Name one example of how competition law impacts business practices.
Flashcards
Business Fundamentals Impact
Business Fundamentals Impact
Improvements in technology, especially automation, lead to greater efficiency, production of new goods, and job specializations; also involves consolidation under large enterprises and providing goods directly to customers.
Impact on Society
Impact on Society
Businesses create jobs, distribute profits in the community, and pay taxes to the government. They also affect the standard of living and quality of life.
Stakeholders
Stakeholders
Groups that are impacted by a business' actions, potentially gaining or losing from their actions.
Standard of Living
Standard of Living
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Better Life Index
Better Life Index
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OECD
OECD
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Stakeholders of a Canadian Business
Stakeholders of a Canadian Business
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11 Factors in the Better Life Index
11 Factors in the Better Life Index
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Business Definition
Business Definition
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Business Fundamentals
Business Fundamentals
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Revenue vs. Profit
Revenue vs. Profit
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Risk and Profit
Risk and Profit
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Goods vs. Services
Goods vs. Services
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Evolution of Business in Canada
Evolution of Business in Canada
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Filling a need
Filling a need
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Transferable skills
Transferable skills
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Business Environment
Business Environment
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Legal Environment
Legal Environment
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Economic Environment
Economic Environment
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Technological Environment
Technological Environment
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Competitive Environment
Competitive Environment
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Socio-cultural Environment
Socio-cultural Environment
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Global Environment
Global Environment
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Business Success Factors
Business Success Factors
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AI productivity gains
AI productivity gains
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Employee AI workload
Employee AI workload
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AI training/skills gap
AI training/skills gap
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AI application to wrong tasks
AI application to wrong tasks
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Business Competitive Awareness
Business Competitive Awareness
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Socio-Cultural Impact
Socio-Cultural Impact
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Global Interconnectedness
Global Interconnectedness
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Volatile Business Environment
Volatile Business Environment
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Study Notes
Lecture 2: The Dynamic Business Environment
- The lecture covers the dynamic business environment, focusing on the factors affecting business and the importance of studying them.
- Business is defined as the activity of buying and selling goods and services, demanding attention and effort. It's a primary means of livelihood.
- Transferable skills developed through business include critical thinking, communication, and adaptability.
- Careers like entrepreneurship, human resources, international business, management, marketing, and cooperatives/non-profits involve these skills.
- A quote from Lloyd Dobler, "I don't want to sell anything, buy anything, or process anything as a career." emphasizes the complexity of a business career.
Today's Agenda
- Why study business?
- Business fundamentals
- The business environment
Business Fundamentals—Filling a Need
- Finding and fulfilling needs for goods or services (Tangible versus intangible products)
- Revenue and profit— Revenue is the total amount of money received, profit is earnings beyond expenses.
- Risk and Profit—Greater risk potential can lead to higher profit, and opportunities for innovation
- Goods and services are commonly seen as hybrids, with a shift toward greater consideration of services
Evolution of Business in Canada
- Agriculture was the original foundation and driving force of the Canadian economy.
- Technological advancements led to improved efficiency and consolidation of enterprises.
- Demand for manufacturing workers grew and improved technology (automation) led to reduced worker needs and expanded goods production.
- The service industry became dominant, involving both direct customer provision and contracting business parts.
Business Fundamentals – Impact on Society
- Businesses create jobs and distribute profits within their communities and pay taxes to the government.
- Goods and services offered lead to a higher standard of living and an improved quality of life for society.
Stakeholders of a Canadian Business
- Stakeholders are groups that stand to gain or lose from a business's actions.
- They include: -Primary and Secondary Stakeholders -Stakeholders with conflicting desires. -Bankers, Shareholders, Customers,Surrounding community, Environmentalists, Government leaders, Employees, and Retailers
The Business Environment
- Factors surrounding business that help or hinder development. Businesses monitor and respond to these.
- Factors include:
- Legal environment, Economic environment, Technological environment, Competitive environment, socio-cultural environment, and global environment.
Factors of the Business Environment – Detail
- Legal Factors: Restrictions from provincial and federal laws on business activity (e.g., legislation, personal information protection)
- Economic Factors: Collective income and resource expenditures impact business costs (e.g. value of currency, employment levels, consumer spending), and indicators for decision-making.
- Technological Factors: Innovations in science, engineering, and research that impact efficiency and greater production methods. (e.g., combine harvesters, accounting software).
- Competitive Factors: Awareness of other businesses and their actions in the market. Business strategies need to address complex stakeholder wants and expectations as competition increases.
Additional Key Concepts
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OECD Better Life Index: A summary of factors that impact the well-being of people within 38 OECD countries (Including Canada). Factors such as Housing, Income, Jobs, Community, Education, Environment, Civic Engagement, Health, Life Satisfaction, Life Safety, and Work Life Balance.
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The Impact of AI: Expectation of increased efficiency and effectiveness from AI. Reality shows that AI implementation does not always lead to gains due to technical limitations (like employees need of training and skill development).
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Socio-cultural factors: Demographic characteristics (population shifts, aging populations, & greater diversity) that impact new opportunities and challenges for businesses.
Next Steps
- Read Chapter 4, and consider Chapters 2 and 18 for future reference.
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Description
This quiz explores the dynamic business environment, emphasizing its importance in understanding factors that influence business activities. Participants will learn about business fundamentals and career paths that utilize transferable skills like critical thinking and communication.
