BUS 201 Chapter Notes - Chapter 1: Universal Health Care, Oligopoly, Resale Price Maintenance
10 Dec 2012
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Document Summary
Business an organization whose goal is to earn profits by selling goods and services. Profit what remains after a business subtracts its expenses from its sales revenues. Not-for-profit an organization that seeks to provide services to the public. They run on government grants or self generated funds from sales of goods or services (eg. hospitals, charities) Economic system - the allocating of a nation"s resources among its citizens. They differ in the way they manage factors of production. Factors of production resources used to produce goods and services (labour, capital, entrepreneurs, natural resources, information resources) Labour/human resources the people working for a company, and the physical and mental capabilities of the employees. Capital the funds needed to start up a business and keep it running. May come from owners" personal investments, the sale of stock to investors, profits, and loans. Entrepreneurs one who runs the risk of failure in creating a business; organizes and manages labour, capital, and natural resources.
