COMM 1010 Study Guide - Fall 2018, Comprehensive Midterm Notes - Alberta, Breastfeeding, Check Kiting

• School: Dalhousie University
• Department: Commerce
• Course: COMM 1010
• Professor: Carolan McLarney

Document Summary

Lecture 3 - managing within a dynamic business environment: concept of business, factors of production, dimensions of external environment. Business produce or sell products in order to make a profit. ( the first goal of trading is to increase shareholder"s value) Profit: the money left over from revenues after a firm pays its expenses, motivates individuals to engage in business activities. Objectives of business: survival, growth, social responsibility. External environment factors beyond an organization"s boundaries that cannot be controlled. Organizational boundaries that which separates that organization from its environment. The conditions of the economic system in which an organization operates. Key economic goals: economic growth, economic stability, full employment. Aggregate output measure of economic growth total quantity of goods and services produced by an economic system during a given period. Standard of living total quantity and quality of goods and services that a country"s citizens can purchase with their currency criteria: health care, education, etc.