topic 1 business

"Describe the public sector."

"The public sector is made up of organizations that are accountable to and controlled by local, state, or federal government, with the main goal of providing essential goods and services for people."

"Explain the main goal of the private sector."

"The main goal of the private sector is to make a profit through businesses owned and controlled by individuals or groups of individuals."

"Define privatization."

"Privatization occurs when an organization in the public sector is sold to the private sector."

"How do regulatory businesses function in relation to privatized businesses?"

"Regulatory businesses monitor privatized businesses to ensure they are behaving and performing in the right way."

"What is a sole trader?"

"A sole trader, or sole proprietor, is an individual who owns and runs their personal business, being responsible for its success or failure."

"Describe a partnership in a business context."

"A partnership is a profit-seeking, legal business entity owned by two or more people."

"Explain the role of shareholders in a corporation."

"Shareholders are individuals or groups who invest their money into a corporation in return for shares of stock and can receive a share of the profits called a dividend payment."

"What does it mean for a business to be incorporated?"

"Incorporated means there is a legal difference between the owners of the business and the business itself."

"Do you think privatization is beneficial? Why or why not?"

"This question encourages personal opinion and reasoning regarding the benefits or drawbacks of privatization."

"Describe the role of shareholders in a corporation."

"Shareholders purchase shares of stock in a corporation and do not risk losing more than their initial investment if the company faces bankruptcy or liquidation."

"Explain the difference between private sector for-profit social enterprises and traditional for-profit businesses."

"Private sector for-profit social enterprises operate like for-profit businesses, but they differ in how they utilize their profits."

"Define public sector for-profit social enterprises."

"Public sector for-profit social enterprises are state-owned enterprises that operate commercially and are formed and regulated by the government for financial gains."

"How do non-governmental organizations (NGOs) function as social enterprises?"

"NGOs are nonprofit social enterprises that focus on activities aimed at relieving suffering, promoting the interests of the poor, protecting the environment, providing social services, or undertaking community development."

"What characterizes nonprofit social enterprises?"

"Nonprofit social enterprises operate in a commercial-like manner and can earn profits, but their primary goal is not profit generation; instead, they use surplus to achieve their social missions."

"Explain the concept of strategic objectives in a business context."

"Strategic objectives are medium to long-term goals set by senior managers to guide a company towards achieving its aims."

"Describe the characteristics of risky investments in business."

"Risky investments require a large investment, are difficult to reverse, and may involve significant uncertainty."

"Explain the role of tactical objectives in a business."

"Tactical objectives are medium to short term goals set by middle managers to achieve strategic objectives, characterized by relatively low risk, fewer resources required, and ease of change."

"Define operational objectives and their purpose."

"Operational objectives are day-to-day goals set by floor managers and sometimes workers to ensure the company meets its tactical objectives."

"How does corporate social responsibility benefit a company?"

"Corporate social responsibility helps a company be socially accountable to itself, its stakeholders, and the public, enhancing its reputation and trust."

"What is market penetration and how is it achieved?"

"Market penetration involves increasing sales by selling existing products to the same market, which can include the same customers or similar types of customers."

"Describe the process of product development in business."

"Product development is the process of creating new products for existing markets to meet customer needs and enhance sales."

"Explain market development and its significance."

"Market development is the strategy of finding new markets for existing products, which can help expand a company's reach and increase sales."

"What is diversification in a business context?"

"Diversification involves selling new products into new markets, allowing a company to spread risk and explore new revenue opportunities."