BUS 201 Chapter Notes - Chapter 1: Perfect Competition, Oligopoly, Demand Curve

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 201
• Professor: Susan Christie- Bell

Document Summary

Part 1 introducing the contemporary business world 2. Business: an organization the provides goods/services in an effort to make a profit. Profit: left over money after business expenses have been subtracted from business revenue. Rewards owners for taking risks with their money and time. Not-for-profit organizations: organizations whose goal is not make a profit from the services they provide. They use the grants from gov. to provide services to the public. Ex. charities, educational institution, hospitals, labour unions. Canadian businesses are different compared to businesses in china and other countries. Economic systems: determines how organizations operate: it"s the way in which a nation allocates its resources among its citizens. Who owns/controls & how it"s managed, the resources (called factors of production) is the key difference b/w economic systems. Factors of production: the resources used to produce goods & services: labour, capital, entrepreneurs, natural resources. Labour: mental & physical training and talents of people; sometimes.