BUS 201 Chapter Notes - Chapter 1: Whopper, Timbits, Planned Economy

28 views3 pages

Document Summary

Business: an organization that seeks to earn profits by providing goods and services. Profit: what remains (if anything) after a business"s expenses are subtracted from its sales revenues. Not-for-profit organization: an organization that provides goods and services to customers, but does not seek to make a profit while doing so. Factors of production: the resources used to produce goods and services: labour, capital, entrepreneurs. Labour: the people who work for a company represent the first factor of production - labour. Capital: refers to the funds that are needed to start a business and to keep it operating and growing. Entrepreneurs: people who accept the opportunities and risk involved when creating a business. Include all physical resources such as land, water, mineral deposits etc Includes the specialized knowledge and expertise of people who work in businesses. Command economy: government controls all or most factors of production and makes all or most production decisions.

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers

Related Documents