Chapter 1 - The Changing Face Of Business Flashcards
What is Business
What is Business?
Business is made up of all profit seeking activities and enterprises that provide goods and services necessary to an economic system.
How does business help it’s citizens standard of living?
Business help it’s citizens standard of living by providing a means which generates tangible goods or service.
In the core of every business aim what does it have?
Every business aim has a process.
Explain the exchange between a buyer and seller.
A buyer identify a need for a good or service and trades money with a seller to obtain that product.
The seller take-part in the process in hopes of attaining profits.
What is the main element in accomplishing goals mandatory of continuous improvement in the standard of living?
Profit.
What are profits?
Profits represent rewards for business people who take the risk involved in mixing people, technology and information to create and market want-satisfying goods and services.
What does profits serve as?
Profit serve as incentive or motivation for people to start companies, expand them, and provide consistently high-quality competitive goods and services.
Why must profits be recognize as a central focus for business?
Profit must be recognize as a central focus for business because without profits a company could not survive.
Why must business people also recognize their social and ethical responsibilities?
They must recognize their social and ethical responsibilities to succeed in the long run because companies must deal responsibly with their employees, supplies, competitors, government and the general public.
What are not-for- profit organizations?
Not-for- profit organizations can be defined as businesslike establishments that have primary objectives other than returning profits to their owners.
How does Not-for profit organizations play an important role?
Not-for- profit organizations play an important role by placing public service above profits.
Why does not-for- profit organization need to raise money?
Not-for-profit needs to raise money so they can operate and achieve their social goal.
What are the two sectors not-for-profit organization have?
Not-for-profit has the private sector and public sector.
What does the Not-for-profit private sector consist of?
The not-for- profit private sector consist of museums, libraries, trade associations, and charitable and religious organizations.
What does Not-for profit public sector consist of?
Not-for profit public sector consist of government agencies, political parties and labor unions.
How does Not-for profit organization secure funding?
Not-for profit secure funding from both private sources, including donations, and government sources.