COMMERCE 1E03 Lecture Notes - Lecture 1: Monopolistic Competition, Oligopoly, Offshoring

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 1E03
• Professor: Rita Cossa

Document Summary

Goods: tangible products such as computer, foods, clothing, cars and appliances. Services: intangible products (held in hand) such as education, health care, insurance, recreation, and travel and tourism. Business: any activity that seeks to provide goods and services to others while operating at a profit. Entrepreneur: a person who risks time and money to start and manage a business. Revenue: the total amount of money received during a given period for goods sold and services rendered, and from other financial sources. Profit: the amount a business earns above and beyond what it spends for salaries and other expenses. Risk: the chances of loss, the degree of probability of loss, and the amount of possible loss. (time and money) Standard of living: the amount of goods and services people can buy with the money they have. Stakeholders: all the people who stands to gain or lose by the policies and activities of a business.