ARBUS 100 Chapter 1: UNIT 1 notes
20 Nov 2016
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The making and/or sale of goods and/or services to meet the wants and needs of consumers (you and i) to make a profit: ex. Textbook p. 3 children"s lemonade stand: canadian business example: tim horton. 1) it makes and sells coffee, doughnuts and ice caps to satisfy a consumer"s wants for something tasty to eat. 2) the consumer"s needs for food and drink is meet. 3) time horton makes its products (coffee/ice caps) for less than it. Transaction charges for them and therefore makes a profit. An exchange of things of value: ex. Note: your parents giving you money to go to the movie is not a transaction. A business that makes most of its transactions within the borders of its" own country: ex. A canadian (home country) business owned by canadians, relies mostly on products and services made in cana, and sells its product or provides its services to canadians (ex.
