Textbook Notes (362,880)
Canada (158,081)
RSM100Y1 (431)
Chapter 1

management text book chapter 1

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University of Toronto St. George
Rotman Commerce
Michael Szlachta

Chapter 1 Understanding the Canadian Business System The Concept of Business and Profit Business- organization that seeks to earn profits by providing goods and services Profit- what remains (if anything) after a businesss expenses are subtracted from its sales revenues reward for the owners of businesses for taking the risks involved in investing their time and money -Most profitable companies in 2005 1) Royal Bank of Canada $3.3 billion 2) Manulife Financial $3.2 billion 3) Imperial Oil Ltd. $2.6 billion -Demand for goods and Services ;; wants and needs -business owners will be successful if they can identify either unmet consumer needs or better ways of satisfying consumer needs -new forms of technology, service businesses, and international opportunities promise to keep production, consumption, and employment growing indefinitely Economic Systems Around the World -major determinant of how organizations operate is the kind of economic system that characterizes the country in which they do business -economic system: the way in which a nation allocates its resources among its citizens -economic systems differ in terms of who owns and controls these resource factors of production Factors of Production -factors of production: the resources used to produce goods and services labour, capital, entrepreneurs, and natural resources -economists have focused on FOUR: LABOUR, CAPITAL, ENTREPRENEURS, and NATURAL RESOURCES -information resources are often included now 1) Labour: the mental and physical training and talents of people; sometimes called human resources www.notesolution.com
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