BUSI 1600U Lecture Notes - Lecture 1: Retail, Nonprofit Organization, Offshoring
Document Summary
A business provides services and goods to others while operating at a profit. Profit is the amount of money the company earns beyond its expenses. Success in business is often based on finding people"s needs and filling it. An entrepreneur is someone who risks time and money to start a business. Risk is the chance an entrepreneur takes of losing time and money on a business that may not be profitable. Selling something simple with not much investment, you"ll have a lot of competition. Standard of living is the amount of goods/services people can buy with their money. Quality of life is the general well-being of a society (political freedom, environment, education, health care, safety, leisure, rewards) that add satisfaction. Offshoring is the practice of basing some of a company"s processes or services overseas, so as to take advantage of lower costs. Most offshoring in canada occurs with the united states.
