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Vocab
| Term | Definition |
|---|---|
| Producers | Businesses which develop products for distribution form raw goods |
| Raw Goods | materials derived from natural resources |
| Processors | businesses which change raw goods into a more finished form, known as processed goods |
| Manufacturers | businesses which change raw or processed goods into finished goods |
| Intermediaries | businesses which move finished goods from one business to another by buying, storing and reselling goods; often referred to as "middleman" |
| Service Firms | businesses which provide services to consumers and other businesses |
| Service Firms | businesses which provide services to consumers and other businesses |
| Non-profit organizations | businesses which provide goods and services to businesses and individuals, but operate on donations, volunteers and philanthropists rather than profit |
| Non-profit organizations | businesses which provide goods and services to businesses and individuals, but operate on donations, volunteers and philanthropists rather than profit |
| Non-profit organizations | businesses which provide goods and services to businesses and individuals, but operate on donations, volunteers and philanthropists rather than profit |
| Non-profit organizations | businesses which provide goods and services to businesses and individuals, but operate on donations, volunteers and philanthropists rather than profit |
| human resources | department responsible for maintaining the employment process, training and developing staff, and following laws and proper procedures |
| Non-profit organizations | businesses which provide goods and services to businesses and individuals, but operate on donations, volunteers and philanthropists rather than profit |
| human resources | department responsible for maintaining the employment process, training and developing staff, and following laws and proper procedures |
| human resources | department responsible for maintaining the employment process, training and developing staff, and following laws and proper procedures |
| maslow's hierarchy of needs | pyramid expressing the needs of people in levels: ;basic needs, safety, belongingness, love, esteem, and self-actualization |
| human resources | department responsible for maintaining the employment process, training and developing staff, and following laws and proper procedures |
| cooperation | process of effectively working together in group settings |
| maslow's hierarchy of needs | pyramid expressing the needs of people in levels: ;basic needs, safety, belongingness, love, esteem, and self-actualization |
| maslow's hierarchy of needs | pyramid expressing the needs of people in levels: ;basic needs, safety, belongingness, love, esteem, and self-actualization |
| human resources | department responsible for maintaining the employment process, training and developing staff, and following laws and proper procedures |
| cooperation | process of effectively working together in group settings |
| maslow's hierarchy of needs | pyramid expressing the needs of people in levels: ;basic needs, safety, belongingness, love, esteem, and self-actualization |
| maslow's hierarchy of needs | pyramid expressing the needs of people in levels: ;basic needs, safety, belongingness, love, esteem, and self-actualization |
| accounting | process of recording, classifying, summarizing and reporting the financial position of a business |
| accounting | process of recording, classifying, summarizing and reporting the financial position of a business |
| Assets | items of value owned by a business |
| Liabilities | debts or obligations of a business |
| Assets | items of value owned by a business |
| Liabilities | debts or obligations of a business |
| Accounting equation | assets= liabilities + owners equity |
| Liabilities | debts or obligations of a business |
| cooperation | process of effectively working together in group settings |
| Accounting equation | assets= liabilities + owners equity |
| Accounting equation | assets= liabilities + owners equity |
| management | process of reaching a company's goals and objectives by utilizing its resources; department responsible for the management process |
| accounting | process of recording, classifying, summarizing and reporting the financial position of a business |
| accounting | process of recording, classifying, summarizing and reporting the financial position of a business |
| Assets | items of value owned by a business |
| Assets | items of value owned by a business |
| Liabilities | debts or obligations of a business |
| Liabilities | debts or obligations of a business |
| Accounting equation | assets= liabilities + owners equity |
| Balance sheet | financial statement which reports totals in asset, liability and owners's equity accounts |
| Income statement | financial statement which reports net income or net loss of a company |
| finance | department responsible for managing the use of company funds, obtaining needed funds, and creating a financial plan |
| marketing | department responsible for creating products which meet consumer wants and needs, guiding products through the product life cycle, and understanding consumers through marketing research |
| marketing mix | four interrelated marketing strategies used to meet consumer needs; consist of product, price, promotion, and place |
| product life cycle | marketing theory stating the stages experienced by products and services from their introduction to their decline; consists of four stages; introduction, growth, maturity, decline |
| Production | department responsible for producing goods and services in the most efficient and cost-effective manner |
| Department | department responsible for distributing goods and services in the most efficient and cost-effective manner |
| Channel or medium | how the message is being sent |
| Communication | the interchange of thoughts, opinions or information by speech, writings or signs |
| Either/Or Fallacy | characterized by presenting an idea with only two choices either for or against the idea |
| feedback | a reply or reaction to the message made by the receiver |
| Focusing | keeping attention on what is being said or read |
| Glittering Generalities | characterized by using important sounding words in a general statement, which have no true meanig and cannot be proved or disproved |
| hearing | the ability to perceive sound |
| information source | the source of the information or material that is being communicated |
| Message | the meaning or subject of the information being communicated |
| Noise | a distraction that interrupts the message from being understood |
| Paralinguistic | deals with tone, pitch, rhythm, loudness and inflection of voice |
| Primary Source | an original, fundamental and authoritative document pertaining to an event or subject of inquiry; a firsthand or eyewitness account of an event |
| Propaganda | the ideas or facts that are a part of someones cause; is used to damage the opposing cause |
| Proximity | the distance at which the speaker is from the audience |
| Receiver | the person or group for which the information is meant |
| secondary source | any document that describes an event, person, place or thing |
| Ethics | Set of standards of conduct that guide decisions and actions based on duties derived from core values q |
| Ethical behavior | action guided by a set of principles of morality |
| moral behaior | conduct in accordance with what a person determines ins right versus wrong |
| legal behavior | conduct based on or authorized by law which is established by society to maintain order and protect people and properties from harm |
| false financial statement | an organizations financial statement containing untrue data which is used to mislead |
| embezzlement | an entrusted person converts other's assets or properties for his or her own use |
| ethical dilemma | complex situation in which people have difficulty choosing between a moral or an immoral act |
| code of ethics | set of written standards issued by an organization to assist its employees in conducting their action sin conformity with the organization ethical values |
| Business social responsibility | duties and obligations of businesses which contribute to the well being of society |
| stake holders | all the parties which interact with the business |
| Ethics | an approach toward decision making in which a person evaluates moral principles |
| Business ethics | professional standards of conduct based on moral principles and values, guides decision making processes and actions |
| Confidentiality | occurs when information relating to a company, product or person is not available or disclosed to unauthorized individuals |
| ethical/unethical choices | choices made based on moral principles and values |
| legal/illegal choices | choices made according to law |
| moral principles | the principles of right and wrond accepted by an individual or a social group |
| values | beliefs of person or social group in which they have an emotional investment (either for or against something) |
| Time utility | degree to which a product or service is available at a necessary or convenient time of day, week, month, or year |
| place utility | degree to which a product or service is available at a necessary or convenient location |
| form utility | degree to which a product or service is us useful or desirable due to its form (the raw materials or parts it is made of) |
| Possession utility | degree to which a product or service is easy to purchase or pay for |
| information utility | degree to which a product or service is easy to learn about about, gain information about, and understand |
| Laissez-faire | french word for leave alone economic concept opposing governmental involvement |
Created by:
Dawson01
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