RSM100Y1 Chapter Notes - Chapter 1: Bes, Critical Thinking, Price Discrimination
1 Nov 2015
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Document Summary
All profit-seeking activities and enterprises that provide goods and services necessary to an economic system. Rewards for businesspeople who take the risks involved in blending people, technology, and information to create and market want-satisfying goods and services. Establishments that have primary objectives other than returning profits to their owners. Included are all government agencies as well as private-sector nonprofits like trade organizations, charitable and religious organizations, and private educational institutions. The four basic inputs include natural resources, capital, human resources, and entrepreneurship. Inputs that are useful in their natural states, including land, forests, and minerals. Anyone who works, including physical and intellectual labour. The willingness to take risks to create and operate a business. Capitalism is another name for the private enterprise. Capitalism minimizes government interference in economic activity and rewards businesses for their ability to perceive and serve the needs of customers.
