BUS 201 Chapter Notes - Chapter 1: Consumer Product Safety Act, Planned Economy, Bt Business And Public Sector
15 Aug 2016
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Lo 1 define the nature of canadian business and identify its main goals. 2011 study forbes magazine: canada #1/134 top country to business. Business managers must pay attention to diff things: actions of competitors, rapid technological change, new prod dvlpt, corporate strategy, stock prices, etc. Business = org that prod/sells goods/services to make profit. Profit = what remains after a business"s expenses have been subtracted from revenues. Not-for-profit orgs use funds to provide services to public (i. e. charities, hospitals) Lo 2 describe different types of global economic systems according to the means by which they control the factors of production through input and output markets. Economic system = way in which a nation allocates its resources among citizens. Differ in who own & controls these resources factors of production. Factors of production: labour, capital, entrepreneurs, natural resources. Labour (human resources) = mental & physical capabilities of ppl. Capital = funds needed to operate an enterprise $
