RSM100Y1 Chapter Notes - Chapter 2: Price Discrimination, Final Good, Outsourcing
Document Summary
Businesses are all profit-seeking activities and enterprises that provide goods and services necessary to an economic system. Some generate profits, rewards for businesspeople who take the risk involved to offer good and services to customers. They are also incentives/ primary source to start or expand a company or its operations. Not-for-profit organizations are organizations whose primary aims are public service, not returning a profit to their owners. They work on donations and government grants, and also provide employment to a big number of people. They operate in both, private and public, sectors. Museums, libraries, trade associations, charitable and religious organizations are all part of the private sector, however, government agencies, political parties and labor unions are part of the public sector. These, not-for-profit organizations are commonly exempt from federal, provincial and local taxes. Managers of these organizations focus on the aim of the business rather than profit.
