33:011:100 Lecture Notes - Lecture 1: Sole Proprietorship, Baby Boomers, Retail

• School: Rutgers University
• Department: Administrative Studies
• Course: 33:011:100
• Professor: Professor Reaves

Document Summary

What are the commonalities: businesses, working for pro t, both sell products, employees, cater to consumer needs, have expenses. Pro t seeking activities and enterprises provide goods and services necessary to an economic system. Pro t is the reward received for risk taking through offering goods and services to customers. Natural resources: agriculture and building sites, forest and. Rewards rms for their ability to serve the needs of consumers. Another name for private enterprise- capitalism: adam smith is the father of capitalism. Competition is the battle among businesses for consumer acceptance (the. Basic rights of citizens in the private enterprise. Baby boomers- largest population: expensive, increased population by a lot, less competition (will all retire around the same time frame) Gap in jobs- both good & bad, jobs will open up but people with less experience will come in. Big box retailers: walmart, internet sites (amazon) Entrepreneurial thinking is important within large rms: intrapreneural .