Textbook Notes (226,983)
CA (156,684)
UTSG (10,950)
Rotman Commerce (1,035)
RSM100Y1 (432)

study guide for 1st chapter

by OneClass5383 , Fall 2010
2 Pages

Rotman Commerce
Course Code
Michael Szlachta

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 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
needed resources
Output market: Firms
goods& services
Revenue Taxes: 
Progressive Revenue Taxes:
 
Regressive Revenue Taxes:
Restrictive Taxes: 
Oligopoly: 
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
„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.)

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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
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