RSM100Y1 Chapter 1: management text book chapter 1
Document Summary
Business- organization that seeks to earn profits by providing goods and services. Profit- what remains (if anything) after a business"s expenses are subtracted from its sales revenues. reward for the owners of businesses for taking the risks involved in investing their time and money. Most profitable companies in 2005: royal bank of canada . 3 billion, manulife financial . 2 billion, imperial oil ltd. . 6 billion. Business owners will be successful if they can identify either unmet consumer needs or better ways of satisfying consumer needs. New forms of technology, service businesses, and international opportunities promise to keep production, consumption, and employment growing indefinitely wants and needs. Major determinant of how organizations operate is the kind of economic system that characterizes the country in which they do business. Economic system: the way in which a nation allocates its resources among its citizens. Economic systems differ in terms of who owns and controls these resource factors of production .
