COMMERCE 1E03 Chapter 1: Chapter 1 - 1E03 Slides
3 May 2017
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Document Summary
Illustrate the importance of key business fundamentals to wealth generation. Identify business stakeholders and their importance to non-profit organizations and business activities. Explain how entrepreneurship is critical to the wealth of an economy, and list the five factors of production that contribute to wealth. State the six elements that make up the business environment and explain why the business environment is important to organizations. Give examples of how the service sector has replaced manufacturing as the principal provider of jobs, but why manufacturing remains vital for. Success in business is finding a need for products (goods, services, and/or ideas) and filling that need. A business is any activity that seeks to provide products to others while operating at a profit. Since not all businesses make a profit, starting a business can be risky. Business principles are used in for-profit, non-profit/not-for-profit, and government agencies where oftentimes, goals are other than making a profit for their owners or organizers.
