Podcast
Questions and Answers
Which of the following best describes business?
Which of the following best describes business?
What is the importance of business to various stakeholders?
What is the importance of business to various stakeholders?
What are the objectives of business?
What are the objectives of business?
What is business ethics and governance?
What is business ethics and governance?
Signup and view all the answers
What is corporate social responsibility (CSR)?
What is corporate social responsibility (CSR)?
Signup and view all the answers
Study Notes
Business Overview
- Business refers to the activity of making, buying, or selling goods or services with the intention of earning a profit.
- It involves the creation and exchange of goods and services to satisfy the needs of customers.
Importance of Business to Stakeholders
- Provides goods and services to customers, enhancing their quality of life.
- Offers employment opportunities and income to employees.
- Generates revenue to governments through taxes and contributions to economic growth.
- Offers opportunities for investment and returns to shareholders.
Objectives of Business
- Economic objectives: maximize profits, minimize costs, and increase efficiency.
- Social objectives: provide goods and services, create employment, and contribute to economic growth.
- Human objectives: provide a sense of accomplishment, personal growth, and job satisfaction.
Business Ethics and Governance
- Business ethics: standards of behavior guiding decision-making and actions in business.
- Governance: system of rules, practices, and processes to direct and control a business.
Corporate Social Responsibility (CSR)
- CSR: business approach that contributes to sustainable development, while improving quality of life for employees, their families, and the local community.
- Involves social, environmental, and economic responsibilities, enhancing a company's reputation and brand.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge on the concepts and importance of business, including business objectives, ethics, governance, and corporate social responsibility. Also, explore different strategies for business growth and stability.
