Textbook Notes (368,326)
Canada (161,799)
Commerce (1,695)
Rita Cossa (56)
Chapter 1

Understanding Canadian Business Chapter 1 Notes

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Department
Commerce
Course
COMMERCE 1E03
Professor
Rita Cossa
Semester
Winter

Description
Chapter 1BusinessAny activity that seeks to provide goods and services to others while operating at a profitProfitThe amount a business earns above and beyond what it spends for salaries and other expenses EntrepreneurA person who risks time and money to start and manage a businessRevenueThe total amount of money a business takes in during a given period by selling goods and servicesLossWhen a businesss expenses are more than its revenuesBankruptcyThe liquidation of the business debtors assets and the end of the commercial entitys operationsRiskThe chance an entrepreneur takes of losing time and money on a business that may not prove profitableStakeholdersAll the people who stand to gain or lose by the policies and activities of a businessOffshoringSourcing part of the purchased inputs outside of the countryOutsourcingAssigning various functions such as accounting production security maintenance and legal work to outside organizationsNonprofit OrganizationAn organization whose goals do not include making a personal profit for its owners or organizersSocial EntrepreneursPeople who use business principles to start and manage nonprofit organizations and help countries with their social issuesFactors of ProductionResources used to create wealth y Land or natural resources y Labor workers y Capital Goods Machines tools buildings etcNot including moneymoney is used to buy factors of production but is not one itself y Entrepreneurship y KnowledgeKnowledge WorkersYoung workers in the hightech industries
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