ECO101H1 Chapter Notes - Chapter 1: Enterprise System, Invisible Hand, Business Ethics
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ECO101H1 Full Course Notes
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Chapter 1 - the changing face of business. All profit-seeking activities and enterprises that provide goods and services necessary to an economic system provide tangible goods and services. Rewards for businesspeople who take the risks involved in blending ppl, technology, and information to create and market want-satisfying goods and services. Accountant says: profit = revenue expenses. Serves as incentives for ppl to start companies, expand them, and provide g & s. The organizations whose primary aims are public services, not returning a profit to its owners. Plays important role in the society by placing public services above profits. Need to raise money to operate and achieve their social goals. Private sectors (museums, libraries, trade associations) and public sectors (government agencies, political parties, and labor unions) Receive funding from both govn"t sources and private sources such as donations. Set up profit-making side business sell goods and services that ppl are willing to buy.
