Business Characteristics Vocab

Front

businesses which develop products for distribution from raw goods

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Producers

Front

materials derived from natural resources

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Raw Goods

Front

businesses which change raw goods into a more finished form, known as

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Processors

Front

businesses which change raw or processed goods into finished goods

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Manufacturers

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businesses which move finished goods from one business to another by buying, storing and reselling goods; often referred to as “middlemen”

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Intermediaries

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businesses which provide services to consumers and other businesses

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Service Firms

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businesses which provide goods and services to businesses and individuals, but operate on donations, volunteers and philanthropists rather than profit

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Non-profit Organizations

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department responsible for maintaining the employment process, training and developing staff and following laws and proper procedures

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Human Resources

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pyramid expressing the needs of people in levels: basic needs, safety, belongingness, love, esteem and self-actualization

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Maslow’s Hierarchy of Needs

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process of effectively working together in group settings

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Cooperation