MGMT 1P93 Lecture 1: Ch1 Change is the Only Constant

• School: Brock University
• Department: Business - Management
• Course: MGMT 1P93
• Professor: Herb Mac Kenzie

Document Summary

Any activity that provides goods and services in an effort to earn profit. The money a business earns in sales (revenue expenses = profit) People who risk their time, money, and other resources to start and manage business. The quality of goods and services available or a group. Business-like establishments that employ people and produce goods and services with fundamental goal of contributing to the community than generating profit. The economic environment: the totality of economic factors, such as employment, income, inflation, interest rate, productivity, and wealth that influences the buying behaviour of consumers and institution. The technological environment: external factors in technology that impact business operation. Changes in technology affect how a company do business, may have to dramatically change their operating strategy as a result of changes in the technological environment.