RSM100Y1 Study Guide - Midterm Guide: Oligopoly, Independent Business, Startup Company
Document Summary
Business: profit seeking activities and enterprises that provide goods and services. Profits: rewards for businesspeople who take the risks involved in blending people, tech, and information to create and market want goods and services. Non-for-profit organizations: business-like establishments that have primary goals other than returning profits to their owners. (public service>profits) Raised more that 112 billion and 2 million people. Capital: tech, tools, information and physical facilities. To remain competitive, a firm needs to continually acquire, maintain, and upgrade its capital. (more money) Company relies on employee"s ideas, innovation and physical effort. Entrepreneurship: is the willingness to take risks to create and operate a business. Private enterprise economy: an economic system that rewards firms for their ability to identify and serve the needs and demands of customers. (capitalism) Competitive differentiation: the unique combination of organizational abilities, products and approaches that sets one company apart from its competitors in the minds of customers.
