BUSN 201 Chapter Notes - Chapter 1: Profit Motive, Oligopoly, Economic System
Document Summary
Products, loyal customers, willingness to take risks, luck, & steve jobs. Profit-making business: activity that provides goods and services to consumers for the purpose of making a profit. Profit: difference between the revenue that a company brings in from selling goods and services & the cost of generating this revenue. Not-for profit organizations: organizations established to provide social or educational services. Receive funds from: private foundations, government agencies. For-profit social enterprise: business that, beyond the profit motive, has a social mission built into its business model: toms buy one pair, company donates another pair. Owners: business idea and gather resources (money and people) Employees: work for company to reach its goals. Process of planning for, organizing, directing and controlling a company"s resources so that it can achieve its goals: managers responsibility. Person who designs and oversees the process that converts resources into good or services. Responsible for ensuring products are of high quality.
