RSM100Y1 Chapter : study guide for 1st chapter
20 Feb 2011
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Business: an organization that seeks to earn profits by providing goods and services. Profits: what remains (if anything) after a business"s expenses have been subtracted from its revenues. The production era:1900-1930 scientific management movement; assembly line stock; rise of labor union. The sales era(cid:0) 1930-1940 focus on sales forces, advertising. The financial era: 1980s many mergers and much buying and selling of business enterprises. The global era: last few years; facilitated(cid:0) computer techs, communication system. The internet era: internet affects business in at least 3 ways: began to meet consumer wants by advance in production, 2. store of value carry command over goods and services into the future. 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 (n): an abundance of material possessions and resources; property that has economic utility. In the 1950s there emerged the idea that there were three worlds.
