The Role of Business in Social and Economic Development

Created by

Hillary

Cards (69)

business is an organization or economic system where goods and services are exchanged for one another or for money.
Sole Proprietorship – Also known as a sole trader, is owned by one person and operates for their benefit.
Partnership – It is a business owned by two (2) or more people
Corporation - the business has a separate legal personality from its owners.
Cooperative – a limited liability business that can organize for-profit or non-profit.
Service Businesses – provides intangible products
a. Financial business – Include banks and other companies that generate profits through investment and management of capital.
Service business – Typically charge for labor or other services provided to government, to consumers, or to other business.
a. Transportation business – Deliver goods and individuals to their destinations for a fee.
a. Utilities – Produce public services such as electricity or sewage treatment, usually under a government.
Merchandising Businesses – This type of business buys products at wholesale price and sells the same at retail price. They are known as “buy and sell” business.
Retailers and distributors – Act as the middleman and get goods produced by manufacturers to the intended consumers;
Manufacturing Businesses – buys products with the intention of using them as materials in making a new product
A manufacturing business combines raw materials, labor, and factory overhead in its production process.
Real-estate business – Sell, rent, and develop properties, including land, residential homes, and other buildings
a. Manufacturers – Produce products, either from raw materials or from component parts, then sell their products at a profit, for example, cars, clothing, or pipes.
Fairness – Refers to the level of even-handedness in dispensing justice, whereby claims are recognized in the order of their legal and contractual priority.
a. Agriculture and mining business – Produce raw material, such as plants or minerals.
Justice means giving each person what he or she deserves or, in more traditional terms, giving each person his or her due.
fairness has also been used to refer to the ability to make judgments that are not overly general but that are concrete and specific to a particular case.
fairness often has been used with regard to an ability to judge without reference to one’s feelings or interest
Justice usually has been used regarding a standard of rightness
Distributive Justice – Refers to the extent to which society’s institutions ensure that benefits and burdens are distributed among society’s members in ways that are fair and just.
· Retributive or Corrective Justice – Refers to the extent to which punishments are fair and just.
Compensatory Justice – Refers to the extent to which people are fairly compensated for their injuries by those who have injured them
1. Accountability – The obligation of an individual or organization to account for its activities, accept responsibility for them, and to disclose the results in a transparent manner.
Corporate Accountability refers to the act of being accountable to the stakeholders of an organization,
Transparency – Refers to the lack of hidden agendas and conditions, accompanied by the availability of full information required for collaboration, cooperation, collective decision making
Corporate transparency describes the extent to which a corporation’s actions are observable by outsiders.
Stewardship – you try to leave the company in better shape for your successor than it was handed over to you by your predecessor
Business practice is a method, procedure process, or rule employed or followed by a company in the pursuit of its objectives.
A. Decorum – A behavior that is socially correct, calm, and polite.
On Preparation – Must be prepared to conduct a business at hand.
On-Time and Promptness – The way to exhibit professionalism is to consistently be punctual
On Attire and Appearance – Good business etiquette includes dressing appropriately
On Basic Courtesy and Respect – Consider the feelings of others and address conflicts in a straightforward and impersonal manner
On Greetings – Standard greetings are an exchange of handshakes and a smile
On Formal and Informal Address – Start out by addressing a new business acquaintance by his or her family name
On Speaking in Meetings – Keep the meeting organized by only speaking when you have the floor.
On Listening – Listen attentively to the meeting and take notes