Role of business Flashcards
What is a Business?
A business is an organisation that attempts to satisfy the needs and wants of the community by providing goods and/or services. Businesses play an important part in satisfying our needs and wants as consumers and provide employment to millions of people in Australia each year.
What are ethics?
Standards of behaviour and moral position, which influence the choices and decisions the person makes; what is seen as right or wrong for a business based on the values of management, employees and the community.
What are expenses?
All the cost incurred in earning revenue this could include wages the cost of marketing and the purchase of materials and stock
What is the definition of a small business?
A business that employs fewer than 20 people
What are the key roles of business
Profit employment income choice innovation wealth
What is the definition of an Entrepreneur?
An individual who has developed certain ideas and is willing to take a risk to implement them through a business
What is the definition of Innovation
The process of introducing a new product or improving an existing one through new ideas methods systems and procedures
What is the definition of marketing?
The process of developing a product and implementing a series of strategies aimed at correctly promoting and pricing the product and distributing it to a core group of customers
