Chapter 1-Introducing Business Flashcards
What is a business?
business is an organisation that provides goods and/or services to consumers in order to make a profit.
What are finished goods?
Finished goods are those that are ready for customers to buy and use
What is a for profit organisation?
The aim of the organisation is to make a profit
What is a not-for-profit organisation?
The aim of the organisation is to archive its social mission
What is market share?
Market share refers to the business’s share of the total industry sales for a particular product
What is a profit?
A business makes a profit when the income earned (revenue) is greater than the cost of production (expenses)
What is a Multinational Corporation?
A business organisation located in more than two countries
What is an objective?
A thing aimed at or sought; a goal.
What are financial Objective?
A company’s financial needs or goals for the future
What are social objectives?
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 is economy?
The state of a country or region in terms of the production and consumption of goods and services and the supply of money.
What is economic growth?
An increase in the amount of goods and services produced per head of the population over a period of time.
What is GDP?
Gross Domestic Product is the broadest quantitative measure of a nation’s total economic activity
What is export?
To send goods or services to another country for sale
What is import?
To bring goods or services into a country from abroad for sale.
What is business environment?
All of the internal and external factors that affect how the company functions including employees, customers, management, supply and demand and business regulations.
What is internal environment?
The elements within the organization, including current employees, management, and especially corporate culture, which defines employee behavior.
What is external environment?
The factors outside the company that affect the company’s ability to function.
What is corporate culture?
The pervasive values, beliefs and attitudes that characterize a company and guide its practices
What is a policy?
A course or principle of action adopted or proposed by an organization or individual.
What is a stakeholder?
A person with an interest or concern in something, especially a business.
What is a supplier?
A supply chain management term that means anyone who provides goods or services to a company or individuals.
What is competition?
The activity or condition of striving to gain or win something by defeating or establishing superiority over others.
What are competitors?
An organization or country engaged in commercial or economic competition with others.
What is sustainable competitive advantage?
Gives a company an edge over its rivals and an ability to generate greater value for the firm and its shareholders
What are interest groups?
An organization of people who share a common interest and work together to protect and promote that interest by influencing the government.
What is macro environment?
The major external and uncontrollable factors that influence an organization’s decision making, and affect its performance and strategies
What is workplace diversity?
The variety of differences between people in an organization
What are business ethics?
A form of applied ethics or professional ethics that examines ethical principles and moral or ethical problems that arise in a business environment
What is socially responsible management?
The obligation of an organization’s management towards the welfare and interests of the society in which it operates
What are stakeholders?
People with an interest or concern in something, especially a business.
What is conflict of interest?
A situation that has the potential to undermine the impartiality of a person because of the possibility of a clash between the person’s self-interest and professional interest or public interest.
What is corruption?
Dishonest or fraudulent conduct by those in power, typically involving bribery
What is code of conduct?
A set of rules outlining the social norms and rules and responsibilities of, or proper practices for, an individual, party or organization
