Chapter 1 understanding the canadian business system. An organised effort, to make or sell something, to sell to customers, who need or want something, in order to make a profit. Characteristics: customers need and want things and will pay for them, customers pay, get something in return. Reward owners for taking risks or investing $ Good business take into account consumers" needs/wants: satisfy an unmet need or, supply the product more efficiently. Some organizations provide services w/o profit intention but are not businesses ie) hospitals, churches, universities: do provide services but not intended for profit. Costs more to produce/run business than the business can generate through sales. Study of how businesses, people make choices about: what to produce/consume, how to produce, how to distribute. Economic systems (global: distribute a nation"s resources amongst its citizens, characterized by factors of production. Basic building blocks used to produce anything. Mental/physical capability of ppl working for a company.