COMMERCE 1B03 Chapter Notes - Chapter 1: Jeffrey Skoll, Canadian Business, Cash Flow
17 Oct 2013
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Document Summary
Chapter 1 managing within the dynamic business environment. A business is any activity that seeks to provide goods and services to others while operating at a profit. Profit is the amount of money a business earns above and beyond what it spends for salaries and other expenses. An entrepreneur is a person who risks time and money to start and manage a business. Factors of production: factors of production are the resources used to create wealth: land, labour, capital goods, entrepreneurship, and knowledge, what makes countries rich today is a combination of entrepreneurship and the effective use of knowledge. The business environment: the business environment is the surrounding factors that either help or hinder the development of businesses, six major elements are: The global environment: creating the right business environment is the foundation for social progress of all kinds, including good schools, clean air and water, good health care, and low rates of crime.
