PBMF Vocabulary: Types of Businesses

PBMF Vocab Word Producers Raw goods Processors Manufactures Defintion businesses which develop products for distribution from raw goods Materials derived from natural resources business which change raw goods into a more finished form, known as processed goods businesses which raw or processed goods into into finished goods businesses which move finished goods from one business to another bu buying, storing and intermediaries reselling goods, often referred to as "middle man" service firms businesses which provide services to consumers and other businesses Non-profit businesses which provide goods and services to businesses and individuals, but operate on Organization donations, volunteers and philanthropists rather than profit department responsible for maintaining the employment process, training and developing Human resources staff, and following laws and proper procedures Maslow's Hierarchy pyramid expressing the needs of people in levels: basic needs safety, belongings, love, of Needs esteem and self-actualization Cooperation process of effectively working together in group settings process of reaching a company's goals and objectives by utilizing its resources; department Management responsible for the management process process of recording, classifying, summarizing and reporting the financial position of a Accounting business Assets items of value owned by a business Liabilities debts or obligation of a business Accounting Assets=liabilities+owner's equity Income Statement financial statement which reports net income or net loss of a company Balance sheet financial statement which reports totals in assets, liability and owner's equity accounts department responsible for managing the use of company funds, obtaining needed funds, Finance and creating a financial plan department responsible for creating products which meet consumer needs, guiding Marketing product through the product life cycle four interrelated marketing strategies used to meet consumer needs; consist of product, Marketing mix price, promotion and place marketing theory stating the stages experienced by products and services from their Product Life Cycle introduction to their decline; consist of four stages : introduction, growth, maturity, decline department responsible for producing goods and services in the most efficient and costProduction effective manner department responsible for distribution goods and service in the most efficient and costDistribution effective manner channel or medium How the message is being sent communication the interchange of thoughts, opinions or information by speech, writing or signs Either/or fallacy characterized by presenting an idea with only two choices - either for or against the idea Feed back a reply or reactions to the message made by the receiver Focusing keeping attentions on what is being said or read by using important sounding words in a general statement, which have no Glittering generalities Characterized true meaning and cannot be proved or disproved Hearing the ability to perceive sound Information source the source of the information or material that is being communicated Message the meaning or subject of the information being communicated noise a distraction that interrupts the message from being understood Paralinguistic deals with tone, pitch, rhythm, loudness and inflection of voice an original, fundamental and authoritative document pertaining to an event or subject of Primary source injury; a firsthand or eyewitness account of an event Propaganda the ideas or fact that are a part of someone's cause; is used to damage the opposing cause Proximity the distance at which the speaker is from the audience receiver secondary source Ethics Ethical Behavior Moral Behavior Legal Behavior False Financial Statement Embezzlement Ethical Dilemma Code of ethics Business social Responsibility Stakeholders Business Ethics Confidentiality Ethical/Unethical choices Legal/illegal choices Code of Ethics Moral principles Values Disclose the person or group for which the information any document that describes an event, person, place or thing set of standards of conduct that guide decisions and actions based on duties derived from core values action guided by a set of principles if morality conduct in accordance with what a person determines is right versus wrong Conduct based on or authorized by law, which is established by society to maintain order and protect people and properties from harm an organization's financial statement containing untrue data which is used to missed an entrusted person converts other's assets or properties for his or her own use complex situation in which contribute to the well-being of society set of written standards issued by an organization to assists its employees in conducting their actions in conformity with the organization's ethical value duties and obligations of businesses which contribute to the well-being of society All the parties which interacts with business Professional standards of conduct based on moral principles and values' guides decisionmaking processed and actions occurs when information relating to a company, product, or person is not available or disclosed to unauthorized individuals Choices based on moral priniples and values choices made according to law a set of guidelines which govern behavior the principles of right and wrong accepted by an individual or a social group beliefs of a person or social group in which they have an emotional investment to make known; reveal or uncover the treatment or consideration of making a distinctions in favor of or against a person or Discrimnation thing based on the group, class or category to which that persons or thing belong rather than on idividual merit Harassment to disturb persistently; torment or bother continually; persecute Moral emotional or mental condition with respect to cheerfulness and confidence Colleague an associate or coworker Consequences the effect, result or outcome of something occurring implication a natural result of an action Breach to break or act contrary to Dilemma any difficult or perplexing situation or problem Evaluate to consider the value of way a society produces goods and services and provides and distributes these goods and Economic system services to its citizens Communism Economic system in which there is strong governmental control; Socialism economic system in which there is medium governmental control Capitalism economic system which derives from the principle of individual rights Traditional Economic economic system which occur in less developed countries saw the marketing system acting as an "invisible hand" which leads people to Adam Smith unintentionally promote society's interest while pursuing their own Karl Max Intellectual father of modern day Marxist economies John Maynard Keyes his idea about the cause of unemployment revolutionized the macroeconomic theory and profoundly altered the government's involvement in the economy Private enterprise synonymous with the market/capitalist economy; emphasizes the private sector system Economics way in which humans allocate scarce resources to produce various commodities Human necessities goods and services necessary to survivial Human wants goods and services desired but not necessary for survival Land natural resources found on earth; includes everything contained in the earth or the seas monetary resources needed to start and operate a business or goods used in the production process Entrepreneurship human skill required to start and run a business Resources materials used to make goods and services; also referred to as factors of production Time Utility degree to which a product or service is available at a necessary or concen Place utility degree to which a product or services is available at necessary or convenient location Degree to which a product or service is useful or desirable due to its form(the raw Form Utility materials or parts it is made of) Possession Utility degree to which a product or service is easy to purchase or pay for degree to which a product or service is easy learn about, gain information about, and Information Utility understand Utility added value marketing adds to a product Mixed Economies Elements of both market and command systems are found in the economy Market Economies consumers decide what is produced through the purchases they make one person or group makes production decisions; one person or group owns all businesses command economies and run all backgrounds Capitalism Economic system in which businesses are privately owned economic system in which there is increased government involvement and more social socialism services in order to secure a certain standard of living Capital