COMMERCE 1E03 Chapter Notes -Gross Domestic Product, Canada Pension Plan, Monopolistic Competition
1 Mar 2013
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Document Summary
Any activity that seeks to provide goods and services to others while operating at a 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. Total amount of money a business takes in during a given period by selling goods and services. When a business"s expenses are more than its revenues. The chance an entrepreneur takes f losing time and money on a business that may not prove profitable. Companies that take the most risks may make the most profit. Stake holders all the people who stand by the policies and activities of a business. These include: investors, customers, surrounding community, environmentalist, dealers (retailers), employees, government, suppliers, and financial institutions. Sourcing parts of the purchased inputs outside of the country. Assigning various functions, such as accounting, production, security, maintenance and legal work to outside organizations.
