COMM 1010 Chapter Notes - Chapter 1: Capital Good

• School: Dalhousie University
• Department: Commerce
• Course: COMM 1010
• Professor: Mc Larney

Document Summary

Business: any activity that seeks to provide goods and services while operating at a profit. Profit: the amount a business earns above and beyond what it spends for salaries and other expenses. Entrepreneur: a person who risks time and money to start and manage a business. Revenue: the total amount of money a business takes in during a given period by selling goods and services. Loss: when a business"s expenses are more than its revenues. Risk: the chance an entrepreneur takes of losing time and money on a business that may not prove profitable. Stakeholders: all the people who stand to gain or lose by the policies and activities of a business. Offshoring: sourcing part of the purchased inputs outside of the country. Outsourcing: assigning various functions, such as accounting, production, security, maintenance, and legal work to outside organizations. Non-profit organizations: an organization whose goals do not include making a personal profit for its owners or organizers.