RSM100Y1 Chapter Notes - Chapter 1: Barrick Gold, Encana, Invisible Hand
Document Summary
Capital: human resources, not- for- profit organization. 1. 2 factors of production (4 basic inputs for effective operation) Chapter 1 the changing faces of business. 1. 1 distinguish between business and not- for- profit organizations: business: Profit- seeking activities/enterprises that provide goods/services necessary to an economic system (e. g. tangible goods) Improving a nation"s standard of living. Profits: reward for business people who take the risk involved to offer goods/services to customer. Serve as incentives for people to start/expand businesses. To succeed in the long run - - - social / ethical responsibilities. Primary aims are public service, not returning a profit to its owners. Focus on goals, but need to raise money to operate / achieve social goals. Private sectors (museum, library) vs. public sectors (govern. agency, labor union) Facts: 160,000 registered in canada: natural resources: Are useful in their natural states, e. g. land, building site, forest, mineral deposits. Encana corporation (leading natural gas supply) Barrick gold corporation (gold industry leader)
