COMMERCE 1B03 Chapter Notes - Chapter 1-3: Intentional Tort, Statutory Law, Consumerism
9 Apr 2013
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Chapter one managing within the dnamic business. Business: any activity that seeks to provide goods/services to others while operating at a profit. Entrepreneur: person who risks time ad money to start/manage a business. Revenue: total amount of money a business takes in during a given periods by selling goods and services. Loss: when a business"s expenses are more than its revenues. Risk: chance an entrepreneur takes of losing time and money on a business that may not prove profitable. Must calculate risks and rewards of each decision made in business. Stakeholders: all of the people who stand to gain/lose by policies/activities of a business. Business managers must balance needs of various stakeholders. Offshoring: sourcing part of purchased inputs outside of the country. Outsourcing: assigning various functions to outside organizations (accounting, production, security, maintenance, legal work, etc. ) Canada and us often work together because customers view as mostly the same.
