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COM 100 Final: Final Exam Review

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COM 100
Saeed Rahman

Exam Review NonProfit Organizations: Do not get into business to pursue profit, instead seeks to serve community through social, educational or political means. An example of a nonprofit organization are universities or hospitals. Any revenue they generate is to further their mission. Public sector organizations include goods and services that are allocated by the government and public sector organizations. The government may have indirect or direct control over public sector organizations which also may be crown corporations. Crown corporations provide basic services that serve society. They are often in competition with private sector organizations. Private business sectors include goods and services provided by private individuals or groups as a means of enterprise for profit. It is not controlled by the government. Large businesses can have many owners. A public, or publicly traded company within a private business sectors is not part of the public sector. It is a private sector company that can sells shares to the public. Nonprofit and voluntary sector includes nongovernmental, nonprofit organizations that receive support from individuals, governments, and businesses. They can respond to issues more quickly than the government and rely heavily on government funding. Different sectors of business are public sectors, private sectors, and nonprofit and voluntary sectors. Factors of Production are: Technology, Labour, Capital, Raw Materials, Entrepreneurs. Resources or inputs are used to produce goods and services which are outputs. Labour is the human resource that refers to any physical or intellectual work people contribute to business production. Natural resources are the raw materials provided by nature and used to produce goods and services. Capital: real capital refers to the physical facilities used to produce goods and services. Financial capital is the money use d to facilitate a business enterprise. It can be obtained through loans, investors, or other forms of fundraising. Entrepreneurs: Is someone who assumes the risk of creating, organizing and operating a business and who directs all business resources. What sets entrepreneurs apart from human resources is their willingness to take risks and their ability to manage an enterprise to bring their ideas to the market. Technology: Includes human knowledge, work methods, physical equipment. Four Basic Rights of Private Enterprise System Freedom of Choice: the right to own and conduct a business, negotiate wages, and the right to choose which products to buy. Competition: the right to fair competition in the market
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