RSM100Y1 Study Guide - Midterm Guide: Offshoring, Transaction Processing, Psychographic
Document Summary
At the heart of every business is an exchange between a buyer and a seller. The quest for profits is a central focus of business. Not-for-profit organizations operate in both the private and public sectors. Private sectors: museums, libraries, trade associations, and charitable and religious organizations// public sectors: government agencies, political parties, and labor unions. Receive funding from both government sources and private sources, including donations. Respond to emergencies/ merchandising, profit making side businesses. Factors of production: natural resources, capital, human resources, entrepreneur. Natural resources: agricultural land, building sites, forests and mineral deposits. Human resources: anyone who works, from ceo to a self-employed editor. Including physical labor and the intellectual inputs contributed by workers. Entrepreneur: the willingness to take risks to create and operate a business. An economic system that rewards firms for their ability to identify and serve the needs and demands of customers.
