BUS 200 Chapter Notes - Chapter 1: Universal Design, Environment And Climate Change Canada, Consumer Product Safety Act

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 200
• Professor: Jeannette Paschen

Document Summary

Business: an organization that produces or sells goods or services in an effort to make a profit. Profit: what re(cid:373)ai(cid:374)s after a (cid:271)usi(cid:374)ess"s e(cid:454)pe(cid:374)ses ha(cid:448)e (cid:271)ee(cid:374) su(cid:271)tra(cid:272)ted fro(cid:373) its re(cid:448)e(cid:374)ues: reward the owners for taking risks and investing their time and money, can be very large if a company produces something that consumers really like. Non-profit organizations: use funds they generate from government grants or the sale of goods and services to provide services to the public: example: charities, educational institutions, hospitals, labour unions, government agencies. Economic system: allo(cid:272)ates a (cid:374)atio(cid:374)"s resour(cid:272)es a(cid:373)o(cid:374)g its (cid:272)itize(cid:374)s. Information: specialized knowledge and expertise of people who work in businesses, as well as information that is found in market forecasts and various other forms of economic data: key factor of production. I(cid:374)for(cid:373)atio(cid:374) (cid:272)a(cid:374) (cid:271)e shared (cid:449)ithout (cid:271)ei(cid:374)g di(cid:373)i(cid:374)ished u(cid:374)like other fop"s. Government as a customer: buys thousands of different products and services from business firms.