BUSI 1600U Chapter Notes - Chapter 1: Offshoring, Cash Flow, Outsourcing

• School: UOIT
• Department: Business
• Course: BUSI 1600U
• Professor: Shaprio, Morden

Document Summary

Chapter 1: managing within the dynamic business environment. Profit: the award of the business. Money/cash: needs for paying employees, suppliers, bank, etc. A business is any activity that seeks to provide goods and services to others while operating at a profit; A profit is the amount of money a business earns above and beyond what it spends for salaries and other expenses. Since not all business make a profit, starting a business can be risky. To survive/survival. (very, very important element. : first year or two is very crucial for a business to survive, the next importance is the 5year mark. If it can survive when the economy goes down. Growth: to continue getting an award/profit. Social responsibility: a member of unity in which it opts in, have certain social responsibilities to the workers, to the community, example. The profit is the reward for having taken the risk.