BUS 200 Study Guide - Midterm Guide: Initial Public Offering, Equal Voice, Franchising

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 200
• Professor: Wayne Rawcliffe

Document Summary

Business: an organization that seeks to earn profits by providing goods and services. Profit: what (cid:396)e(cid:373)ai(cid:374)s (cid:894)if a(cid:374)(cid:455)thi(cid:374)g(cid:895) afte(cid:396) a (cid:271)usi(cid:374)ess(cid:859)s e(cid:454)pe(cid:374)ses a(cid:396)e su(cid:271)t(cid:396)a(cid:272)ted f(cid:396)o(cid:373) its sales (cid:396)e(cid:448)e(cid:374)ues. Not-for-profit organization: an organization that provides goods and services to customers, but does not seek to make a profit while doing so. Economic system: the way in which a nation allocates its resources among its citizens. Factors of production: the resources used to produce goods and services: labor, capital, entrepreneurs, natural resources, and information resources. Command economy: an economic system in which government controls all or most factors of production and makes all or most production decisions. Communism: a type of command economy in which the government owns and operates all industries. Socialism: government owns and operates critical industries (utilities and major institutions) Market economy: an economic system in which individuals control all or most factors of production and make all or most production decisions.