Business Characteristics Vocabulary

Producers

• position of a business
• businesses which develop products for distribution from raw goods
• Assets = Liabilities + Owner's Equity
• department responsible for distributing goods and services in the most efficient

Raw Goods

• materials derived from natural resources
• process of effectively working together in group settings
• process of recording, classifying, summarizing and reporting the financial
• businesses which provide services to consumers and other businesses

Processors

• department responsible for managing the use of company funds, obtaining
• resources; department responsible for the management process
• department responsible for creating products which meet consumer wants and
• businesses which change raw goods into a more finished form, known as

Manufacturers

• businesses which provide services to consumers and other businesses
• developing staff and following laws and proper procedures
• businesses which change raw or processed goods into finished goods
• needs, guiding products through the product life cycle and understanding

Intermediaries

• businesses which move finished goods from one business to another by
• financial statement which reports net income or net loss of a company
• developing staff and following laws and proper procedures
• product, price, promotion and place

Service Firms

• businesses which develop products for distribution from raw goods
• product, price, promotion and place
• businesses which provide services to consumers and other businesses
• pyramid expressing the needs of people in levels: basic needs, safety,

Non-profit Organizations

• businesses which provide goods and services to businesses and individuals,
• processed goods
• debts or obligations of a business
• pyramid expressing the needs of people in levels: basic needs, safety,

Human Resources

• product, price, promotion and place
• department responsible for maintaining the employment process, training and
• their introduction to their decline; consists of four stages: introduction, growth,
• department responsible for creating products which meet consumer wants and

Maslow's Hierarchy of Needs

• items of value owned by a business
• marketing theory stating the stages experienced by products and services from
• businesses which provide services to consumers and other businesses
• pyramid expressing the needs of people in levels: basic needs, safety,

Cooperation

• maturity, decline
• materials derived from natural resources
• developing staff and following laws and proper procedures
• process of effectively working together in group settings