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Front 1

Entrepreneur

Back 1

Person who manages business

- Pierre Omidyar is an entrepreneur, and he is a founder of eBay.

Front 2

Intrapreneur

Back 2

Person who develops a new business that is subsidiary of a bigger organization that is already existing

- Intrapreneur expands the business and be innovative to develop his/her business

Front 3

4 Factors of Production

Back 3

Land, Captial, Labor, and Entreprenuership

- To start a business or produce goods, an entrepreneur needs land, tools, and work

Front 4

Change

Back 4

Making something different from what it was before

- Development of SNS(social networking service) changed how people interact with each other.

Front 5

Culture

Back 5

A group of people sharing common things(language, philosophy, arts, education, etc)

- Culture is an important aspect that shapes how people see/react toward something. Therefore it's important to understand certain group's culture if an entrepreneur wants to sell goods to them.

Front 6

Ethics

Back 6

Moral principle of a group or a person

- It's hard for a company to survive and maintain its business if consumers have bad images toward them in terms of ethics.

Front 7

Globalization

Back 7

Business expands toward international

- Successful globalization of a company means they successfully expanded their business internationally

Front 8

Innovation

Back 8

Improving of an item that is already existing

- iPhone is a good example of innovation of smartphone.

Front 9

Strategy

Back 9

Tactics

- A company with a good strategy can efficiently accomplish their goal.

Front 10

Business Sectors

Back 10

Sections in business. Primary, secondary, tertiary, and quaternary sector.

- Different business sectors contains different types of business

Front 11

Primary Sector

Back 11

Getting resources from nature

- Trees

Front 12

Tertiary Sector

Back 12

Service industry

- Selling coca cola in a covenient store

Front 13

Secondary Sector

Back 13

Manufacturing of goods

- Making papers in a factory using trees from the primary sector

Front 14

Goods

Back 14

Products that are produced

- Consumers buy goods for their needs

Front 15

Services

Back 15

Helping people in business

- Selling products to consumer is a service

Front 16

Human resources

Back 16

Human workforce(labor) in business

- A company needs human resources to produce goods

Front 17

Physical Resources

Back 17

Physical objects(materials) that are required to produce goods

- Trees are essential physical resources for paper

Front 18

Financial Resources

Back 18

Money needed for a company to maintain its business

- Financially wealthy company has more stable condition which they can continue their business with less risk

Front 19

Sectoral Change

Back 19

Moving from one business sector to another sector(mainly going to a higher sector)

- As a country develops, a sector they rely on also changes.

Front 20

Public Sector

Back 20

Organization controlled by government

- Public school(education) is an example of public sector

Front 21

Private Sector

Back 21

Organization controlled by individuals or group

- If I start my own business, it is an example of private sector

Front 22

Mixed Economy

Back 22

Economic resources that owned by both private and public sector

- Mixed economic are shared by public sector and private sector

Front 23

Free-Market Economy

Back 23

Economic resource controlled mostly by a private sector

- Free-market economy enormously affected by public sector

Front 24

Command Economy

Back 24

Economic resources are owned, planned, and controlled by the state

- Command economy is only being used by the state or government

Front 25

Privatization

Back 25

The sale of public sector organizations to the private sector

- If a business is privatized, there is high possibility that people have to pay more than before in order to get the service

Front 26

Sole Trader

Back 26

Person who runs business by him/herself

- Sole trader has bigger risk compare to partnership business

Front 27

Partnership

Back 27

2~20 people running business(working together) as a group

- One of the advantages of partnership is that there are more ideas compare to sole trader

Front 28

Limited Liability

Back 28

Certain amount of responsibility that a group/individual have to take if their business fails

- Limited liability helps business owners to avoid getting accused and go to jail even though their business fails and they lose all the money that is invested by investors

Front 29

Private Limited Company

Back 29

A small to medium-sized businessthat is owned by shareholders who are often members of thesame family. This company cannot sell shares to the generalpublic

- Private limited company can't sell shares to the public

Front 30

Shareholder

Back 30

A person or institution owning shares in a limitedcompany

- Shareholders are who invested for a company/business

Front 31

Share

Back 31

A certificate confirming part ownership of a companyand entitling the shareholder to dividends and certainshareholder rights

- People can't buy shares if it's a private limited company

Front 32

Public Limited Company

Back 32

Alimited company, often a largebusiness, with the legal right to sell shares to the generalpublic. Its share price is quoted on the national stock exchange

- Samsung is a public limited company

Front 33

Public Corporation

Back 33

Nationalized industry

- Public corporation is similar to public sector which controlled by the state

Front 34

Non-Profit Organization

Back 34

Any organization that has aims other than making and distributing profit and which is usually governed by a voluntary board

- Charity is a non-profit organization

Front 35

NGO(Non-Governmental Organization)

Back 35

A legally constitutedbody with no participation or representation of anygovernment

- NGOs are separate from government's control

Front 36

Social Enterprise

Back 36

Organization that focuses on benefiting society with their income rather than maximizing returns to an owner

- Social enterprise reinvests their money to society

Front 37

PPP(Public-Private Partnership)

Back 37

Involvement of the private sector, in the form of management expertise and/ or financial investment, in public sector projects aimed at benefiting the public

- PPP is somewhat similar to social enterprise, which it focuses to benefit the public(society)