RSM100Y1 Chapter Notes - Chapter 1: Trade Union, Invisible Hand, Nearshoring
Document Summary
Business consists of all profit-seeking activities and enterprises that provide good and services necessary to am economic system. It also provides the means for improving a nation"s standard of living. At the heart of every business is an exchange between the a buyer and a seller. A main indicator of business success is profit. Profits are rewards for businesspeople who take the risks involved in offering goods and services to customers. It serves as incentives for people to start companies and it is a primary source of funds needed to expand operations. Organizations whose primary aims are public service, not returning a profit for their owners. They play important roles in society by placing public service above profits. These organizations need to raise money to operate and to achieve their social goals. Not-for profit receives funding from both government resources and private sources including donations.
