Unit 1 Section A Flashcards
(15 cards)
business
The activities involved in producing, selling, or providing goods or services for profit.
Refers to an organization or entity engaged in the exchange of goods or services for profit, aiming to meet customer needs and generate income.
supply chain
The network of organizations and activities involved in the production and distribution of products. It is the process by which products are created and delivered to consumers, starting from raw materials, passing through manufacturers, and reaching the end customer.
entrepreneurs
Individuals who create, organize, and run a business, taking on financial risks in the hope of profit. They are risk-takers who identify business opportunities and innovate to create new products or services, often contributing to economic growth.
economies of scale
The cost advantage that arises with increased output of a product. This may occur when the cost per unit of production decreases as the volume of production increases, allowing businesses to lower their prices and improve profitability.
market share
The portion of a market controlled by a particular company or product. It is a business’s portion of the total sales in an industry or sector, indicating its competitiveness and dominance in that market.
inventory management
The process of overseeing and controlling the inventory (stock) of goods. This involves monitoring the flow of goods in and out of a business, ensuring optimal stock levels to meet customer demand without overstocking.
cash flow
The movement of money in and out of a business. It refers to the net amount of cash and cash-equivalents being transferred into and out of a business, essential for maintaining operations and financial health.
data analytics
The science of analyzing raw data to uncover patterns and insights. This involves examining large sets of data to make informed decisions, identify trends, and predict outcomes, often using statistical tools and software.
e-commerce
The buying and selling of goods or services over the internet. It is a business model where transactions are conducted online, allowing businesses to reach global markets and consumers to shop conveniently.
corporate social responsibility
A business model where companies integrate social and environmental concerns into their operations. This involves companies taking
responsibility for their impact on society by engaging in ethical practices, supporting communities, and minimizing environmental harm.
sustainability programs
Initiatives aimed at reducing negative environmental impacts while ensuring long-term viability. These are efforts by businesses to operate in an environmentally and socially responsible manner, such as reducing waste, conserving energy, and promoting renewable resources.
ethical labor practices
Fair and responsible treatment of workers in the workplace. This focuses on providing fair wages, safe working conditions, and respecting workers’ rights, ensuring dignity and fairness in the workplace.
artificial intelligence
The simulation of human intelligence in machines. This refers to machines or software that perform tasks that typically require human intelligence, such as learning, reasoning, and problem-solving, often used to automate processes and improve business efficiency.
Overstocking
The act of having an excessive amount of inventory or stock beyond what is needed or what can be sold. This refers to the situation in which a business holds more inventory than necessary, which can lead to increased storage costs, potential waste, or products becoming obsolete before they are sold.
brand loyalty
The tendency of consumers to consistently purchase a particular brand over time.
This refers to customers’ preference for a specific brand due to their positive experiences, trust, and emotional connection, leading to repeat purchases and recommendations.
