Flashcards (DAY1)(BMG100)

Business Organization

An individual or group involved in the operation of selling goods or services with the aim of generating profit.

Profit

The financial gain obtained when the revenue from sales exceeds the costs incurred in producing goods or services.

Service

An intangible product provided to customers, such as transportation or technical support, that cannot be stored or owned.

Tangible Goods

Physical items offered for sale in the marketplace, such as computers, cars, and clothing.

Stakeholders

Individuals or groups with an interest or investment in an organization, including employees, customers, shareholders, and the community.

Social Responsibility

The obligation of businesses to act in ways that benefit society at large, beyond just generating profit.

Revenue

The total income generated from the sale of goods or services before any costs or expenses are deducted.

Success in Business

Achieving goals that include customer satisfaction, profit generation, and overall operational effectiveness.

Non-Profit Organization

An organization whose primary goal is to provide services and support without the intention of making a profit.

Market Study

Research and analysis of market trends, customer preferences, and competition to inform business decisions.

Corporate Citizenship

The concept of a corporation being socially responsible and actively contributing to the welfare of communities and society.

Inventory

The goods and products that a business holds for sale or production, which can be physically stored.

Business Simulation

An interactive learning tool where students manage a virtual company to understand real-world business decisions and dynamics.

Consumer Needs

The requirements or desires of customers that businesses aim to satisfy with their products or services.

Business Environment

The external and internal conditions that affect the operation of a business, including economic, social, technological, and regulatory factors.

Understanding Business and Society

A study focused on the relationships between business operations and their effects on society and the environment.