COMMERCE 1E03 Chapter Notes - Chapter 1: E-Commerce, Intranet, Virtual Private Network
23 Feb 2015
School
Department
Course
Professor
Document Summary
Outsourcing refers to assigning various functions, such as accounting, production, security and legal work- to outside organizations. Offshoring- means sourcing part of the purchased inputs outside of the country. A canadian firm will make purchases outside of the firm and from abroad. Question: what is the distinction: offshoring is always outside of the country, outsourcing you are looking at domestic. Goods: tangible products, eg. computers, food, clothing cars. Services: intangible products, (that cannot be held in your hand) such as education, health care, insurance, recreation, travel & tourism. Business: an activity that seeks to provide goods and services to other while operating at a profit. Entrepreneur: a person who risks time & money to start and manage a business. Revenue: is the total amount of money that is received during a given period for goods sold, services rendered and other financial sources. Profit: the amount of money business earns above what it spends for salaries and other expenses.
