RSM100Y1 Lecture Notes - Lecture 6: Industrial Revolution, Economic System, Invisible Hand
31 Mar 2016
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Document Summary
Business consist of all proit seeking aciviies and enterprises that provide goods and services necessary to an economic system. Some make tangible goods, like cars, food etc Others provide services like insurance, banking, accouning etc. At heart of every business is an exchange of buyer and seller. Proits rewards for businesspeople who take the risks involved to ofer goods and services to customers. Without proits, business cannot survive but business also look at other responsibiliies like csr. Organizaions whose primary aims are public service, not returning a proit to its owners. Place public service above of proit: very important to society. They need to raise money in order to operate their daily goals. Revenues are raised and employees earn incomes: an industry just like any other. Managers focus on goals of the organizaion rather than proits. Managers need to have efecive business skills and experience to operate the organizaions well. Therefore, many concepts of business apply to them as well.
