COMMERCE 1E03 Chapter Notes - Chapter 1: Internet2, Growth Point
17 Dec 2014
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Document Summary
Illustrate the importance of stakeholders and non-profit organizations to 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 to canada. Business principles are used in for-profit, non-profit / not-for-profit, and government agencies. Oftentimes, goals are other than making a profit for their owners or organizers. Since not all businesses make a profit, starting a business can be risky: risk is the chance an entrepreneur takes of losing time and money on a business that may not prove profitable. People have different: two ways to succeed in business include starting your own company or working your way to the top within a company.
