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Chapter 1

75-100 Chapter 1 notes.pdf

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Chapter 1: Managing within the dynamic business env. 2012-09-28 5:59 AM Progress Assessment: • What is the difference between revenue and profit? • What is risk, and how is it related to profit? • What do the terms “stakeholders, offshoring, outsourcing” mean? • What are some of the advantages of working for others? • What benefits do you lose by being an entrepreneur, and what do you gain? • What are the 5 factors of production? Which factors are key to wealth? • List the six elements of the business environment • What are 4 ways in which the government can foster entrepreneurship? • How does technology benefit workers and customers? • Describe the components of competition • What is empowerment? • What social trends are evident in Canada? • What are 2 changes that have affected the global environment? • Why is the manufacturing sector important to the economy? • What is the major factor that caused people to move from farming to industry and from industry to the service sector? Summary: Learning Objective #1: describe the relationship of business’ profit -to-risk assumption • A business is any activity that seeks to provide goods and services to others while operating at a profit. • What are the relationships between risk, profit and loss? o Profit is money a business earns above and beyond the money it spends for salaries and other expenses. Business peopl e make profits by taking risks. Risk is the chance an entrepreneur takes of losing time and money on a business that may not prove profitable. A loss occurs when a business’ costs and expenses are more than its revenues Learning Objective #2: discuss the importance of stakeholders and non-profit organizations to business activities • Stakeholders include customers, employees, investors (like stockholders), suppliers, dealers, people in the local community, environmentalists, and government. • Which stakeholders are most important to a business? o The goal of business leaders is to try to balance the needs of al stakeholders and still ma
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