RSM100Y1 Chapter Notes - Chapter 1-6 +16: Competitive Advantage, General Agreement On Tariffs And Trade, Commercial Paper
Document Summary
Business: an organization that seeks to earn profits by providing goods and services. Profits: rewards for businesspeople who take the risks involved to offer goods and services to customers. Not-for-profit organizations: organizations whose primary aims are public services not returning a profit for its owners. The canadian business environment: canada is a social democracy, with a monarch as head of state. Canada is a mixed market economy. (high possibility of exam question) Factors of production: the resources used to produce goods and services including four basic inputs: capital, human, entrepreneurship, and natural resources. Capital: the funds needed to operate an enterprise. Human resources: the mental and physical training of people. In other words, all the employees in a business, or all the working people in a country. Entrepreneurship: the willingness to take risks to create and operate a business. Natural resource: land, water, trees; any primary goods that are using in production to produces something else.
