COMMERCE 1E03 Chapter 1: Understanding Canadian Business Chapter 1 Notes
9 Jan 2012
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Document Summary
Business any activity that seeks to provide goods and services to others while operating at a profit. Profit the amount a business earns above and beyond what it spends for salaries and other expenses. Entrepreneur a person who risks time and money to start and manage a business. Revenue the total amount of money a business takes in during a given period by selling goods and services. Loss when a business s expenses are more than its revenues. Bankruptcy the liquidation of the business debtor s assets and the end of the commercial entity s operations. Risk the chance an entrepreneur takes of losing time and money on a business that may not prove profitable. Stakeholders all the people who stand to gain or lose by the policies and activities of a business. Offshoring sourcing part of the purchased inputs outside of the country. Outsourcing assigning various functions, such as accounting, production, security, maintenance and legal work to outside organizations.
