Terms Flashcards
Business agility
Business agility is concerned with the adoption and evaluation of values, behaviours, creative and resilient when dealing with complexity, uncertainty and change, leading to improved well-being and better outcomes
Business
An organisation that provides goods and services to customers in the economic system they operate in
Business ethics
Refers to the applying of appropriate business policies and practices, following matter of corporate governance, bribery, insider trading, discrimination and corporate responsibility
Business management
The study of organisations that satisfies the needs and wants of their customers
Command economy
Communal ownership of production factors where individuals do not own land, factories or equipment. State responsible for production and distribution of products and services with limited competition
Doorstep social responsibility
Organisations must consider the interest of stakeholders in all aspects of their operation
Economic principle
The idea that people try get the greatest possible benefit with the available resources
Market economy
Free-market or free-enterprise with private ownership of production factors and free competition
Mixed economy
Include characteristics of market economy, command economy and socialism
Non-profit seeking business
Need-satisfying organisations that provide product or services without profit-making as their primary objective
Production factors
Natural resources,Human Resources, capital and entrepreneurship
Profit-seeking business
Business that try to make a profit
Socialism
State owns and controls industries and therefore no compu
Entrepreneurship
The process of creating and building something of value from practically nothing in the midst of uncertainty and risk, and having a determination to succeed among all odds
Entrepreneur
A person who sets up a business or taking on financial risk in hope of profit
