Textbook Notes (378,598)
CA (167,188)
UTSG (10,973)
Rotman Commerce (1,015)
RSM100Y1 (431)
Chapter

study guide for 1st chapter

2 Pages
103 Views

Department
Rotman Commerce
Course Code
RSM100Y1
Professor
Michael Szlachta

This preview shows half of the first page. Sign up to view the full 2 pages of the document.
 The concept of Business and profit
Business: An organization that seeks to earn profits by providing goods and services
Profits: What remains (if anything) after a businesss expenses have been subtracted
from its revenues.
Factors of Production:  Labor, entrepreneurs ,capital,  natural resources,
infor mation resources
Input market: Firms
buy
needed resources
Output market: Firms
supply
goods& services
Deregulation:

Revenue Taxes: 
Progressive Revenue Taxes:
 
Regressive Revenue Taxes:

Restrictive Taxes: 
Oligopoly: 
Monopoly
Natural Monopoly
The Entrepreneurial era:1850-1900; anti-combines legislation
The Production Era:1900-1930 Scientific Management Movement; assembly
line Stock; rise of labor union
The Sales Era1930-1940 focus on sales forces, advertising
The Marketing Era: 1950-1960 marketing  began to meet consumer wants
The Financial Era: 1980s many mergers and much buying and selling of
business enterprises
The Global Era: last few years; facilitated by advance in production,
computer techs, communication system.
The Internet Era: internet affects business in at least 3 ways:
Money has three functions:
1.Method of Exchange -replaces barter
2.Store of Value carry command over goods and services into the future
3.Unit of Account
 a „common denominator if different goods owned or
traded
„money multiplier: a „base amount of money could yield a larger „money
supply by re-lending
Wealth Creation in Canada
Wealth (n): an abundance of material possessions and resources; property
that has economic utility
Today, Canada
s wealth is derived mostly from trade (and mostly with U.S.)
www.notesolution.com

Loved by over 2.2 million students

Over 90% improved by at least one letter grade.

Leah — University of Toronto

OneClass has been such a huge help in my studies at UofT especially since I am a transfer student. OneClass is the study buddy I never had before and definitely gives me the extra push to get from a B to an A!

Leah — University of Toronto
Saarim — University of Michigan

Balancing social life With academics can be difficult, that is why I'm so glad that OneClass is out there where I can find the top notes for all of my classes. Now I can be the all-star student I want to be.

Saarim — University of Michigan
Jenna — University of Wisconsin

As a college student living on a college budget, I love how easy it is to earn gift cards just by submitting my notes.

Jenna — University of Wisconsin
Anne — University of California

OneClass has allowed me to catch up with my most difficult course! #lifesaver

Anne — University of California
Description
The concept of Business and profitBusiness An organization that seeks to earn profits by providing goods and servicesProfits What remains if anything after a businesss expenses have been subtracted from its revenuesFactors of Production Labor entrepreneurscapital natural resources information resourcesbuyInput market Firmsneeded resourcessupplyOutput market Firmsgoods servicesDeregulation Revenue Taxes Progressive Revenue TaxesRegressive Revenue Taxes Restrictive Taxes Oligopoly MonopolyNatural MonopolyThe Entrepreneurial era18501900 anticombines legislation The Production Era19001930Scientific Management Movement assembly lineStock rise of labor unionThe Sales Era19301940 focus on sales forces advertisingThe Mark
More Less
Unlock Document


Only half of the first page are available for preview. Some parts have been intentionally blurred.

Unlock Document
You're Reading a Preview

Unlock to view full version

Unlock Document

Log In


OR

Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit