BUS 201 Lecture Notes - Quaker Oats Company, Monopolistic Competition, Oligopoly
10 Oct 2012
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An organization that seeks to earn profits by providing goods and services. What remains after a business"s expenses are subtracted from its sales revenues. An organization that provides goods and services to customers, but does not seek to make a profit while doing so. The way in which a nation allocates its resources among its citizens economic systems differ in terms of who owns and controls these resources, known as factors of production (ex. a. Canadian business is different from one in china) The resources used to produce goods and services: labour, capital, entrepreneurs, and natural resources. The mental and physical training and talents of people; sometimes called human resources. An individual who organizes and manages labour, capital, and natural resources to produce goods and services to earn a profit, but who also runs the risk of failure. Items used in the production of goods and services in their natural state.
