BSU Flashcards
(18 cards)
business
any activity conducted by an individual or individuals to produce and sell goods and services that satisfy the needs of society, as well as making profit
business opportunity
a set of circumstances that presents itself as an avenue to success
entrepreneurship
the act of starting and operating a new business in response to opportunities, assuming all the risk in the hope of making a profit
exports
goods or services sold by one country to individuals, businesses or governments in another country with the aim of extending sales and market penetration
financial independence
the capacity to support a lifestyle without having to be employed or be dependent on others
industry
the classification of groups of businesses related to the particular good or service they produce
innovation
either creating a new good, service or process, or significantly improving an existing one
manager
a person who has responsibility for overseeing the operations of the business to ensure that it successfully achieves its goals
personal independence
the capacity to be in control of decisions that affect one’s everyday actions
industry
the classification of groups of businesses related to the particular good or service they produce.
corporate social responsibility
managing a business in such a way that the broader social welfare of the community, including its employees, customers, suppliers and the environment, is taken into consideration when making business decisions.
decision-making
the ability to identify the options available and then choose a specific course of action from the alternatives.
economic growth
an increase in the real value of goods and services over a set period of time.
economy
a system set up to determine what to produce, how to produce and to whom production will be distributed.
effectiveness
a measure of whether the business is doing the right things — those that are most important to the success of the business.
efficiency
a measure of how well we do things; for example, if we are able to produce more outputs from the same inputs, we have become more efficient at using these inputs.
community service.
Business sponsorship of a wide range of community events, promotions and programs have rapidly increased during the past decade. Many business owners plan to financially support educational, cultural, sporting and welfare activities.
provision of employment
Most businesses do not regard employment of people as a main goal. Many business owners, however, look at the continuity of their business, sometimes planning to employ family members who otherwise might be unemployed.
