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
Corporate transparency
Describes the extent to which a corporation’s actions are observable by outsiders
Stewardship
Originally made up of the task of a domestic steward stig-weard
Business Practice
Is a method procedure process or rule employed or followed by a company in the pursuit of its objectives
Decorum
A behavior that is socially correct calm and polite
Protocol
The unwritten rules or guidelines that are peculiar to every culture organization in our supposed to be observed for all products in the conduct of business
Examples of protocols in the philippine business
Filipino family model businesses
businesses personal
status consciousness
politeness and ambiguity
Policies
Defines the scope or spheres within which decisions can be taken by the subordinates in an organization
Features of business policy
Specific
Clear
Reliable or uniform
Appropriate
Simple
Inclusive or comprehensive
Flexible
Stable
Advertising
How a company encourages people to buy their product services or ideas
Marketing
The process of product development as well as sales promotion and distribution
Bookkeeping
Accounting simply put escaping track of money
Reportorial requirements
Business reporting or enterprise reporting is the public reporting of operating in financial data by a business enterprise
Annual report
A comprehensive report on a company’s activities throughout the preceding year
Financial Statement
Also known as a financial report it is a formal record of the financial activities and position of the business person or other entity
Documentation
Refers to the process and items which serve as evidence for the validity or truth of a certain claim or statement
