MGT 355 Chapter 1 Vocab (Textbook By Dr. D and Ina)

Choultries (Rest Houses)

Traditional charitable lodging places offering shelter and aid, especially in South Asia.

Religious Institutions

Faith-based organizations historically involved in providing social services.

Pre-industrial Philanthropy

Early forms of giving and service rooted in tradition and community values.

Community Development

Efforts aimed at improving the social and economic well-being of local communities.

Reinvestment in the Public Good

The use of profits to benefit society rather than personal gain.

Mutual Aid

Community-based systems where members support each other in times of need.

Social Enterprise

A mission-driven organization that applies commercial strategies to maximize social and environmental impact alongside financial returns.

Microfinance

Small-scale financial services for low-income individuals typically excluded from traditional banking

Ethical Markets

Market systems that prioritize environmental, labor, and social ethics.

Benefit Corporations (B Corps)

Legal structures that protect a company’s social mission alongside profit goals.

Mission-Driven Business

Enterprises where the social mission is central to operations and strategy.

Sustainability and Scalability

The ability to maintain and expand social impact over time.

Charitable Models vs. Revenue-Generating Models

The shift from donation-based support to sustainable income streams.

Social Entrepreneur

An individual who uses innovative solutions to tackle social problems

Equitable Profit Sharing

Distribution of earnings among stakeholders rather than shareholders alone.

Democratic Governance

Organizational decision-making by all members, not top–down leadership.

Cooperative Movement

Business models owned and operated by members for mutual benefit.

Grassroots Responses

Localized, community-led initiatives to counteract inequality and injustice.

Inequality and Economic Expansion

The social disparities that arose alongside expanding capitalist markets.

Early Capitalism

Economic systems that prioritized profit, often at the expense of social equity.

Wealth and Social Responsibility

The idea that wealth should be used to address social issues.

Informal Governance

Unofficial or community-led structures lacking formal rules or scalability

Fair Trade

A trading partnership ensuring better prices and conditions for producers in developing countries.