APP 004 Flashcards
study of moral obligation involving the distinction between right and wrong.
adaption of general rules of conduct in the society
ETHICS
The ethical behavior required of entrepreneurs or referred to as Business Ethics
PUBLIC IMGAE, EMPLOYEE SATISFACTION, ETHICAL LEADERSHIP, ENVIRONMENTAL MANAGEMENT AND CONSUMERS AWARENESS
The activities of an entrepreneur towards the welfare of the society earn goodwill and reputation for the business.
PUBLIC IMAGE
Employees are part of the society. If you satisfy your needs, then you are doing social work.
EMPLOYEE SATISFACTION
It is the belief that what an entrepreneur does has a strong influence on employees. If a manager cheats, Lies, steals or manipulates, then they are sending wrong signals to employees.
ETHICAL LEADERSHIP
Institutions can do many things to protect and preserve the natural environment which includes plastic less business by giving paper bag, creating eco-friendly product, by eliminating production.
ENVIRONMENTAL MANAGEMENT
Consumers have become very conscious about their rights. If you are giving high quality products at cheap rate, that is kind of social responsibility.
CONSUMER AWARENESS
Social responsibility of an entrepreneurship towards different section of society.
EMPLOYEES, CONSUMERS, SHAREHOLDERS, CREDITIORS OR SUPPLIERS, CONSUMERS AND GOVERNMENT.
Adam’s Smith’s Laissez Faire doctrine states that the market is a free market where the producers and consumers act in accordance to their own interest.
“Give me that which I want, and you shall have which you want”
is it true or false?
TRUE
basic economics concept involving the buying and selling of goods. The exchange of goods or service between parties.
TRADE
The exchange of goods and production of goods and services. esp of a larger scale it operate in a country or in international trade.
COMMERCE
Bring specialized people, equipment, and other resources. The production of goods and services.
PRODUCT OR SERVICE SPECIALIZATION
When more units of good or service can be produced on a large scale. This means business grows and production units increased, abusiness will have a better chance of to decrease its cost.
ECONOMIC SCALE
Defines as a benefit or cost of a good or service
POSITIVE AND NEGATIVE EXTERNALITIES
The simpliest term, is a package business investment that allows the buyer to begin a business. Involves entering into an agreement. Offer and sell the product of another
BUSINESS OPPORTUNITY
Involves entering into an agreement. Offer and sell the product of anotheR, without being entitled by brand names.
DISTRIBUTORSHIP
Agent or buyer enters into an agreement with the parent company by means of strategically located store racks
RACK JOBBING
Businessperson must buy machines as well as the merchandise being sold in them.
VENDING MACHINE ROUTERS
The description of how your business makes money, its how you deliver value to your customers at an appropriate cost.
BUSINESS MODEL
BUSINESS MODEL BREAK INTO THREE PARTS WHICH
WHAT TO PRODUCE? (What) HOW TO PRODUCE? (How) HOW MUCH TO PRODUCE? (Value)
Kind of business model that creating content that people want to read or watch.
ADVERTISING
Links embedded in content instead of visual. It was known right now in tiktok which you can earn by promoting their products.
AFFILIATE
kind of business model which connect buyers and sellers and help facilitate a transaction.
BROKERAGE
selling the recipe for starting and running a successful business. It was putting your business in different place or field.
FRANCHISE
allow sellers to list items for sale with easy tools for connecting sellers and consumers. With sometimes help of internet and media.
MARKETPLACE
customers get charged for actual usage it was like service business.
PAY-AS-YOU-GO
it is like renting. Customer need to return the product.
LEASING
A type of business that is privately owned corporation, or sole proprietorships that have fewer employees a regular sized business or corporation.
SMALL BUSINESS
Employing nine people or fewer, and having a balance sheet or turnover less than certain amount.
MINUTE/MICROENTERPRISE
In the stock market, most stocks trade in alot size of 100 shares.
TRADING UNITS
Are the businesses that maintain revenues, assets or a number of employees below a certain threshold. It has less than 250 employees.
SMALL AND MID-SIZE ENTERPRISE (SMEs)
Has the annhal turnover greater than 1 Billion euros and has at least 100 to 490 employee
MEDIUM ENTERPRISE
