COMMERCE 1E03 Lecture Notes - Lecture 2: Insourcing, Baby Boomers, Millennials
15 Jan 2018
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Document Summary
Goods: tangible products (ie. computer, food, clothing etc. ) Services: intangible products (ie. education, health care, insurance, etc. ) Success in business: finding a need for products (goods, services, ideas) and filling that need. Business: any activity that seeks to provide products to others which operating at a profit. Risk: not all businesses make a profit; chance/amount of loss; degree of possibility of loss. Revenue: amount of money received during period for goods sold or services rendered. Profit: earning above what it spent on expenses. Standard of living: the amount of goods and services people can buy with the money they have. Quality of life: general well-being of a society in terms of political freedom, natural environment, education, health care, safety, leisure, and rewards that add to satisfaction. Business objectives: principles are used in for-profit, non-profit, and government agencies where goals are other than making a profit, survival, growth, social responsibility.
