Chap 1; Intro To Business Flashcards
What is business?
An organisation that provides goods and/or services to consumers in order to make a profit
What is profit?
What a business makes when the income earned (revenue) is greater than the costs of production (expenses)
What is finished goods?
Goods that are ready for customers to buy and use
What is a for profit organisation?
A business with a goal to make enough money for the business and owners.
What is a not for profit organisation?
A organisation who’s goal is not to make more money for them self, but to invest any extra money in their business.
What is market share?
The businesses share of the total industry sales for a particular product.
What is a multinational corporation?
A company that has branches in many different countries.
What is an objective?
A statement of what an organisation expects to achieve over a set period.
What are financial objectives?
An objective set by a company in which the target state is measured in monetary terms, such as a certain amount of profits.
What are social objectives?
A social objective is a statement that details a specific desired outcome of a project that is related to the interaction of the individuals, groups, and institutions within a society.
What are personal objectives?
Goals the personal owner wants to meet.
What is economy?
A system set up to determine what to produce, how to produce and to whom production will be distributed.
What is economic growth?
When the real value of goods and services increases over a set period of time.
What is GDP?
It represents the total dollar value of all goods and services produced over a specific time period
What is export?
Goods or services sold by one country to individuals, businesses or governments in another country with the aim of extending sales and market penetration.
What is import?
bring (goods or services) into a country from abroad for sale.
What is business environment?
The surrounding conditions in which the business operates. It can be divided into two broad categories: internal and external.
What is internal environment?
Those factors over which the business has some degree of control.
What is external environment?
Those factors over which the business has little control. It may be further divided into two categories: operating and macro.
What is corporate culture?
A set of mostly unwritten or informal rules that spell out how people are to behave most of the time.
What is policy?
A general guide to help employees deal with reoccurring situations.
What is operating environment?
The specific outside stake holders with whom the business interacts in conducting it’s business.
What is a stakeholder?
Any group or individual who has an interest in, or is affected by, the activities of a business.
What is a supplier?
Those organizations and individuals that supply the resources that the business needs to conduct it’s operations.
