Vocab
Form of business organization defines as an association of two or more people operating as co owners.
What is a partnership?
the state of being responsible for something
What is liability?
The primary goal of all businesses
What is to earn profit
Choosing between the welfare of the organization and the individual's advancement of personal interests.
What is conflict of interest
Two companies combining to form a single company.
What is consolidation?
The process of dealing with or controlling things or people
What is management?
A good or service with tangible and intangible characteristics that provides satisfaction and benefits
What is a product
A business's obligation to maximize its positive impact and minimize its negative impact on society
What is social responsibility
A person who organizes and manages any enterprise, usually with considerable initiative and risk.
What is a entrepreneur?
The sale of goods and services to foreign markets
What is exporting?
The study of how resources are distributed for the production of goods and services within a social system
What is economics
Formalized rules and standards that describe what a company expects of its employees.
What is the company's code of ethics
A written description of a new business venture that describes all aspects of the business.
What is a business plan?
Being able to interact in the workplace
What is communication?
The funds used to acquire the natural and human resources needed to provide products
What is capital
Principles and standards that determine acceptable conduct in business
What is business ethics
Rivalry among businesses
What is competition?
Businesses owned and operated by one individual
What is sole proprietorship?
An economic system in which the government owns and operates basic industries but individuals own most businesses
What is socialism
The act of exposing an employers wrong doing to outsiders.
What is whistleblowing