MIDTERMS Flashcards
part or parcel of human society
business
entity in which economic resources or inputs are put together and processed to provide to consumers
business organization
difference between amount earned and amount spent
profit
provides services rather than products
service business
sell products bought from other businesses
merchandising business
basic inputs to products that are sold to customers
manufacturing business
business owned by one person
sole proprietorship
association of 2 or more people
partnership
entity created by law that is separate from owners; shareholders
corporation
business owned and run by the members who share profits
cooperative
reason: accurate and validity
legal reasons
reason: publicity
public image reasons
reason: practical consideration
pragmatic reasons
reason: right or wrong
moral reasons
continuing commitment by businesses to behave ethically
corporate social responsibility
prevention and detection of corruption
accountability
balancing interests in decision-making
fairness
authentic and genuine to express their point of view
transparency
skill: specialized knowledge
technical skills
skill: ability to understand, communicate, motivate, and support both individual and groups
human skills
skill: mental ability to analyze and diagnose complex situations
conceptual skills
