SSH 301 Lecture Notes - Lecture 1: Capitalism, Human Services, Comparative Advantage
17 Oct 2017
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Document Summary
Business: any activity that provides goods and services in an effort to earn a profit. Profits: the financial reward that comes from starting and running a business; the money that a business earns in sales (or revenues), minus expenses. Entrepreneurs: people who risk time, money, and other resources to start and manage a business. *business drives up the standard of living, which in turn contributes to the quality of life. Businesses rely on some combination of these factors. Entrepreneurial activity can kick-start an economy by harnessing the other factors of production. Business: each dimension of the business environment impacts both individual businesses and the economy overall. Free enterprise and fair competition flourish in canada. Government takes an active role to support businesses: Economic development is supported by industry canada. Provinces promote economic development by providing investment and tax incentives. Companies must focus on loyal customers because they are the vocal promoters of their products/ services.
