BUS 200 Study Guide - Midterm Guide: Canadian Business, Broadcast License, Regressive Tax

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 200
• Professor: Sam Thiara

Document Summary

Business: an organization that seeks to earn profits by providing goods and services. Profits: (cid:449)hat re(cid:373)ai(cid:374)s after a (cid:271)usi(cid:374)ess"s e(cid:454)pe(cid:374)se are su(cid:271)tra(cid:272)ted fro(cid:373) its sales re(cid:448)e(cid:374)ues. Not-for-profit organization: an organization that provides goods and services to (cid:272)usto(cid:373)ers, (cid:271)ut does(cid:374)"t seek to (cid:373)ake a profit (cid:449)hile doi(cid:374)g so. Social venture: an undertaking by a firm or organization established by a social entrepreneur that seeks to provide systemic solutions to achieve a sustainable social objective. The way in which a nation allocates its resources among its citizens. Factors of production: labor, capital, entrepreneurs, natural resources, information. Communism: government controls all or most factors of production and makes all or most production decisions (eg china, vietnam, cuba) Socialism: the government owns and operates only selected major industries, smaller business, eg clothing store, restaurants may be privately owned. Individuals control almost all the factors of production and production decisions: market economy. Output market: households buy goods and services from firms.