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nature of business

definitions

QuestionAnswer
business a business is an organisation that sells products or services with the aim to create profit
internal influences or factors that are under a business' control and come from within the business
downsize to reduce the size of a business, often by cutting jobs or operations, in order to lower costs or improve efficiency
accountability The obligation of individuals or businesses to take responsibility for their actions and decisions
Strategy A plan of action designed to achieve a business’s goals and objectives long term
Ethics Moral principles that guide business behaviour of what is right and wrong
stakeholders People with interest or who are affected by a business activities
innovation The process of creating or implementing new ideas
inputs Resources used in the production process, including labour, materials, and information
entrepreneur a person who starts and manages a business
Shareholders People or organisations that own shares in a company and therefore have partial ownership of the business
Employment The state of having paid work
Goods Tangible products that can be seen and touched (eg food, clothing, or electronics) that satisfy customer needs and wants.
Services Intangible activities or benefits provided to customers, (eg education, healthcare, or transport)
Profit The financial gain a business makes when its revenue exceeds its costs
Risk The possibility of loss or failure that a business faces
Wealth The total value of assets and resources owned by an individual, business, or economy
Quality of Life The overall standard of well being, such as health, comfort, happiness, and access
Small Business Has between 1-20 owners and is usually a sole trader or partnership
Medium Business Has between 20-199 owners and is usually a partnership or private company
Large Business Has 200+ owners and is usually a public company
Local Operate in a smaller area, usually a suburb or town
National Operate across an entire country
Created by: lilyymal
 

 



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