COMMERCE 1E03 Chapter Notes - Chapter 1: Baby Boomers, Business Process, United States Dollar
24 Dec 2014
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Document Summary
Provide goods to a targeted market: whether it is profit, non-profit, or not-for-profit. The trade-off for starting a business: time and money into business and hope it is profitable. Two ways of tolerance: either work for another or for yourself, calculate the potential rewards and risks for each. Defined as all the people who stand to gain or lose by the policies of the business: customers want value, governments wants compliance. In order to analyze what makes a country wealthy or poor, look at the factors of production. Land: natural resources used to make homes, cars, and other products. Labour: people important in good production. Capital goods: technology: other means of manufacturing through equipment, things that help with manufacturing. Entrepreneurship: risk takers in using tech and information. Knowledge: determine what is needed and the knowledge to create it, combination of entrepreneurship and effective use of knowledge makes countries rich. Use what they know to grow businesses and increase wealth.
