Nature and Aims of Business Flashcards

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Flashcards on the nature and aims of business, covering key concepts and classifications.

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12 Terms

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Business

Any lawful economic activity concerned with the production and/or distribution of goods or services for profit.

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Commerce

Firms engaged in the buying and selling of goods and services.

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Industries

Those mainly concerned with production of goods, either for consumption or for use by other businesses.

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Genetic Industries

Businesses involved in agriculture, forestry, and fish culture.

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Extractive Industries

Businesses involved in extraction of goods from natural resources which include mining, lumbering, hunting, and fishing.

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Manufacturing Industries

Those which convert raw materials into finished products.

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Construction Industries

Firms engaged in building infrastructures like airports, seaports, dams, and highways.

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Service Business

Sells services to buyers; examples include Recreation, Personal, and Finance.

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Durable Goods

Items of manufacture which have a relatively short lifetime.

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Nondurable Goods

Items with a longer span of lifetime or can be used many times.

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Consumer Goods

Goods that are used by a final consumer.

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Producer Goods

Goods intended for use of business and industry