RSM100H1 Chapter Notes - Chapter 1: Industrial Revolution, Human Resources, Transaction Processing
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RSM100H1 Full Course Notes
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What is business: business consists of all profit-seeking activities that provide goods and services necessary to an economic system. Not for profit organizations are business-like establishments whose primary objectives involve social, political, government, education, or similar functions rather than profit. The exchange between seller and buyer lies at every business endeavor. The primary objectives of a not-for-profit organization is to place public service above profits (although they still need to raise money to operate and achieve their goals) Private enterprise system: an economic system that rewards firms for being able to perceive and serve the need and demands of consumers. Competition in this system means company successfully satisfied consumer demands. Citizens under this system have the rights to private property (most basic freedom under this system), income, freedom of choice, and competition. Capitalism is known as an alternative term for private enterprise system. Entrepreneur: people (cid:449)ho"s (cid:449)illi(cid:374)g to take risk to start, o(cid:449)(cid:374) a(cid:374)d ru(cid:374) a (cid:271)usi(cid:374)ess.
