Role Of Business In Social And Ecomonic Development Flashcards
What is Business?
A business is an organization or economic system where goods and services are exchange for one another or for money
Sole proprietorship
Also known as a soul trader is owned by one person and operates for their benefit
Partnership
It is a business owned by two or more people
Corporation
The owners of a corporation have limited liability and the businesses separate legal personality from its owners.
Cooperative
Often referred to as a coop a cooperative is a limited liability business that can organize for profit or non-profit
Service Business
A service type of business provides intangible products(no physical form)
Financial Business
Include banks and other companies that generate profits to investment and management of capital
Transportation Business
Deliver goods and individuals through destinations for a fee
Utilities
Produce public services such as electricity or sewage treatment usually under government
Merchandising businesses
This type of business buys products at who sale price and sells the same at retail price
Retailers and Distributors
Act as the middle man and get goods produced by manufacturers to the intended customers
Manufacturing Business
I like a merchandising business a manufacturing business buys products with the intention of using them as materials in making a new product
Agriculture and Mining Business
Produce raw materials such as plants or minerals
Manufacturer
Produce products either from raw materials or from component parts essential products at the profit for example cars clothing and or pipes
Real-estate business
Cell rent and develop properties including land residential homes and other buildings
Fairness
Refers to level of even handedness in dispensing justice for work claims are recognized in the order for the illegal and contractual priority
Justice
Means giving each person what he or she deserves or in more traditional terms giving each person his or her due
Principles of Justice
Individual should be treated the same unless they different ways that are relevant to the situation in which they are involved
Distributive justice
Refers to the extent to which societies institutions ensure that benefits and burdens are distributed among societies members in ways that are fair and just
Retributive are corrective justice
Refers to the extent to which punishments are fair and just
Compensatory justice
Refers to the extent to which people are fairly compensated for their injuries by those who have injured them
Accountability
The obligation of an individual or organization to account for its activities accept responsibility for them and to disclose results in a transparent manner
Corporate accountability
Refers to the act of being accountable to the stakeholders of an organization
Transparency
Refers to lack of hidden agendas and conditions accompanied by the availability of full information required for collaboration