COMMERCE 1B03 Chapter Notes - Chapter 1: High Tech, United States Dollar, E-Commerce

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 1B03
• Professor: Rita Cossa

Document Summary

Commerce chapter one: managing within the dynamic business environment . Entrepreneur: a person who risks time and money to start and manage a business. Revenue: the total amount of money a business takes in during a given period by selling goods and services. Loss: when a business"s expenses are more than its revenues. Stakeholders: all the people who stand to gain or lose by the policies and activities of a business. All of the examples of stakeholders (customers, employees, banks ect) are all affected by the products, policies and practices of businesses, and their concerns need to be addressed. Businesses can also influence government policies through the activities and efforts of their associations, lobbyists and trade unions. Lobbyists: the act of trying to influence decisions made by officials in the government. The challenge of the twenty-first century will be for the organizations to balance, as much as possible, the needs of all stake holders.