Textbook Notes (363,381)
Canada (158,358)
Commerce (1,634)
Rita Cossa (56)
Chapter 1-5


10 Pages
Unlock Document

McMaster University
Rita Cossa

COMMERCE 1E038 February 2012 CH1CH5 DefinitionsCHAPTER 1 Business any activity that seeks to provide goods and services to others 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 businesses expenses are more than its revenues Risk the chance an entrepreneur takes of losing time and money on a business that may not provide profit Stakeholders all the people who stand to gain or lose by the policies and activities of a business Offshoring sourcing part of the purchase inputs outside of the country Outsourcing assigning various functions such as accounting production security maintenance and legal work outside of an organization Nonprofit Organization an organization whose goals do not include making a personal profit for its owners or organizers Factors of Production the resources used to create wealth land labour capital entrepreneurship and knowledge Business Environment the surrounding factors that either help or hinder the development of business Regulations rules or orders made by the government to carry out the purposes set out in statutesTechnology Inventions or innovations from applied science or engineering research Productivity the amount of output that is generated given the amount of input Ecommerce the buying and selling of goods and services over the Internet1
More Less

Related notes for COMMERCE 1E03

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.