MGT100H1 Chapter Notes - Chapter 1: Nearshoring, Interchangeable Parts, The Home Depot
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MGT100H1 Full Course Notes
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Document Summary
Mgt100 contemporary business 2nd edition by boone, kurtz, khan, Business all profit-seeking activities and enterprises that provide goods and services necessary to an economic system. Profits rewards for businesspeople who take the risks involved in offering goods and services to customers. Business is a broad, all-inclusive term that can be applied to many kinds of enterprises. Some business produce tangible goods, others provide services. Profits serve as incentives for people to start companies, expand them, and provide consistently high-quality competitive goods and services; a primary source of funds needed to expand operations. Businesses focus on gaining profits because its necessary to survive and grow; but they have social and ethical responsibilities too. Long-term success relies on responsible handling of employees, customers, suppliers, competitors, government, and general public. Factors of production four basic inputs for effective economic operation: natural resources, capital, human resources, and entrepreneurship.
