Business Concepts Flashcards

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Balance of payments

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A record of a country's trade and financial transactions with the rest of the world.

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Business

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Any activity conducted by an individual or individuals to produce and sell goods and services that satisfy the needs of society, as well as making profit.

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Business opportunity

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A set of circumstances that presents itself as an avenue to success.

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Corporate social responsibility

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Managing a business in a way that the broader social welfare of the community, including employees, customers, suppliers, and the environment, is considered in business decisions.

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Decision-making

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The ability to identify the options available and then choose a specific course of action from the alternatives.

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Economy

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A system set up to determine what to produce, how to produce, and to whom production will be distributed.

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Entrepreneur

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A person willing to seize opportunities to start and operate a business, prepared to take risks for profit.

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Feasibility study

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An assessment of the practicality and potential for success of a proposed business idea.

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Financial independence

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The capacity to support a lifestyle without having to be employed or dependent on others.

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Goal

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What a business expects to achieve over a set period of time.