Background of Business Firms
Definition: an organization that uses resources to produce goods are services that are sold to consumers, other firms, or the government. Most businesses exist because a group of people working together can be more effective than a group of people working individually.
There are three types of business firms:
1. Sole Proprietorship
2. Partnership
3. Corporations
Terms on Businesses:
Shirking: to evade the performance of an obligation
This may happen with employees. The threat of being fired by a boss is what reduces shirking in the workplace.
Accountants Department: department responsible for administering a company's financial affairs
Board of Directors: group of people chosen to establish policy for and control a company
Chairman: person who heads a Board of Directors; head of a company
Director: a member of the board of directors
Executive officer: person managing the affairs of a corporation
Headquarter: a company's principal or main office or center of control
Manager: person responsible for day-to-day running of a department
Marketing Department: department that puts goods on market, packaging, advertising
President: the highest executive officer of a company; head of a company
Production Department: department responsible for physical creation of product
Purchasing Department: department responsible for finding and buying everything for a company
Sales Department: department responsible for finding customers and making sales
Shareholder: person who holds or owns shares in or a part of a company or corporation
Vice President: any of several executive officers, each responsible for a separate division
There are three types of business firms:
1. Sole Proprietorship
2. Partnership
3. Corporations
Terms on Businesses:
Shirking: to evade the performance of an obligation
This may happen with employees. The threat of being fired by a boss is what reduces shirking in the workplace.
Accountants Department: department responsible for administering a company's financial affairs
Board of Directors: group of people chosen to establish policy for and control a company
Chairman: person who heads a Board of Directors; head of a company
Director: a member of the board of directors
Executive officer: person managing the affairs of a corporation
Headquarter: a company's principal or main office or center of control
Manager: person responsible for day-to-day running of a department
Marketing Department: department that puts goods on market, packaging, advertising
President: the highest executive officer of a company; head of a company
Production Department: department responsible for physical creation of product
Purchasing Department: department responsible for finding and buying everything for a company
Sales Department: department responsible for finding customers and making sales
Shareholder: person who holds or owns shares in or a part of a company or corporation
Vice President: any of several executive officers, each responsible for a separate division
[email protected] Social Studies Date created: May 2, 2013 Updated: May 18, 2013