Term
what is business?
wheeler |
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Definition
| "an institution organized and operated to provide goods and services to the socieity under the incentive of private gain." |
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Term
what is business?
thomas evelyn |
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Definition
| "a business embraces all those functions involved in the making, buying and transportation of goods." |
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Term
the process of business
input |
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Definition
- factors of production
- land
- labor
- capital
- entrepreneurship
2. information resources
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Term
the process of business
process |
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Definition
- purchasing
- inventory
- production
- distribution
- marketing - sales
- finance - accounting
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Term
the process of business
output |
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Definition
- realization of profits
- demand satisfaction need fulfillment
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Term
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Definition
all the factors of productions are the input of any business
- land
- labor
- capital
- entrepreneurship
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Term
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Definition
| "stands for all natural resources which yield an income or which has exhanged value. it represents those natural resources which are useful and scarce, actually or potentially." |
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Term
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Definition
| "an exertion of mind or body undegone partly or wholly with a view to some good other than the pleasure derived directly from teh word is called labor." |
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Term
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Definition
- simple division of labor
- complex division of labor
- territorial division of labor
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Term
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Definition
| division of society into major occupations e.g. carpenters, blacksmith, weavers, etc. it may be also called functional division of labor |
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Term
| complex division of labor |
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Definition
| split up into a nuber of processes and sub-processes and is carried out by a separate group of people |
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Term
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Definition
- physical labor
- intellectual labor
- presentation
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Term
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Definition
| "capital refers to that part of a man's wealth which is used in production further wealth of which yields an income." |
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Term
capital
shapes of capital |
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Definition
it is raised from the sole proprietor, partners or shareholders.
shapes of capital: plant, machinery, tools, and accessories, stocks of raw material, goods in process and fuel |
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Term
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Definition
- entrepeneur is the innovator
- an entrepreneur is an individual who accepts financial risks and undertakes new financial ventures.
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Term
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Definition
- information resource plays a vital role
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Term
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Definition
All businesses work under certain economic system . The basic element s
around which the business revolves is
capital which is the pivotalfactor in determining the type of economic system.
every system is basically meant to provide, goods and services to the people at the right price. It allows to establish business organizations so that they produce goods and services demanded and
needed by the consumerse |
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Term
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Definition
- capitalism
- socialism
- islamic
- mixed economy
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Term
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Definition
| "the economic system allowing private ownership of all or most of the means of productions and distribution(land, industrial, railways) with the main motivation of profit." |
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Term
capitalism
the economic system |
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Definition
| the economic system in which capital flows freely in the society and finds its way to production and distribution in the private sector with the minimum interference of the government |
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Term
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Definition
| "socialism is an economic organization of society in which the material means of production are owned by the whole community and operated by the organs representatives of, and responsible to, the community according to a general plan, all members of the community being entitled to benefits from the results of such socialized planned production on basis of equal rights." |
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Term
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Definition
"mixed economic system is a system comprising of both capitalism and socialism pattern."
"in other words, an economic system in which few characteristics of capitalism and a few of socialism are found is called mixed economy." |
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Term
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Definition
| "it is the system free of explotaion. ti allows every person to earn his or her livelihood from legitimate sources and sd discourages concentration of wealth and extravagance." |
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Term
market based economy
cournat french economics |
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Definition
"originally," says javon, "a market was a public place in a town where provisions and other objects were exposed to sales>"
"economics understand by the term market not any particular market place in which things are bought together and sold but the whole of any region in which buyers and sellers are in such free intercourse with one another that the price of the same goods tends to equality easily and quickly." |
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Term
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Definition
- a commodity which is dealt with
- the existance of buyer and seller
- a place, may be a certain region, a country
- such intercourse between buyers and sellers that one price should prevail for the same commodity at the same time
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Term
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Definition
| "the various quanities of a given commodity or service which consumers would by in one market in a given period of time at various places, or at various incomes, or at various prices of related goods." |
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