RSM100Y1 Chapter 1: RSM100 CH1
Document Summary
Business consists of all profit-seeking activities and enterprises that provide goods and services necessary to an economic system. Business drives the economic pulse of a nation, providing a means for improving the standard of living. At the heart of every business is an exchange between a buyer and a seller: a buyer has a need for a good/service and trades money with a seller to receive that product or service. Not-for-profit organizations are business-like establishments that have primary goals other than returning profits to their owners. These organizations place public service above profits - they raise money only to operate and achieve their social goals. They operate in both the private (ie. museums, libraries, religious organizations) and public sectors (ie. Like any other industry, revenues are raised and employees earn incomes by providing services. Not-for-profits receive funding from both government sources and private sources, including donations. o. These organizations are commonly exempt from federal, provincial, and local taxes.
