RSM100Y1 Chapter Notes - Chapter 1: Small Business, Transaction Processing, Baby Boomers
Document Summary
1. 2 identify and describe the factors of production. 1. 3 describe the private enterprise system, including basic rights and entrepreneurship. 1. 4 identify the six eras of business, and explain how the relationship era-including alliances, technology and environmental concerns-influences contemporary business. 1. 5 explain how today"s business workforce and the nature of work itself are changing. 1. 6 identify the skills and attributes managers need to lead businesses in the 21st century. 1. 7 outline the characteristics that make a company admired by the business community. Growing economy=produces more goods and services but uses fewer resources over time. Important because they yield income for business owners, their employees, and shareholders. Businesses: all profit-seeking activities and enterprises that provide goods and services necessary to an economic system. Business drives the economic pulse of a nation. Provide means for improving a nation"s standard of living. Profits: rewards for businesspeople who take the risks involved to offer goods and services to customers.
