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Week 1 BU111.docx

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Sofy Carayannopoulos

BU111 Chapter 1-Introduction to Business Environment Week 1 The Idea of Business and Profit -Business managers must pay attention to many different things, including the actions of competitors, rapid technological change, new product development, corporate strategy, risk management, stock prices, and a host of other variables. -Business-an organization that seeks to earn profits by providing goods and services -Profit-what remains (if anything) after a business’s expenses are subtracted from its sale revenue. -Not-for-profit Organization-an organization that provides goods and services to customers, but does not seek to make a profit while doing so -Economic System-the way in which a nation allocates its resources among its citizens -Factors of Production-the resources used to produce goods and services: labour, capital, entrepreneurs, and natural resources -Labour-the mental and physical training and talents of people sometimes called human resources -Capital-the funds needed to operate an enterprise -Entrepreneur-an individual who organizes and manages labour, capital, and natural resources to produce goods and services to earn a profit, but who also runs the risk of failure -Natural Resources-items used in the production of goods and services in their natural state, including land, water, mineral deposits, and trees -Information Resources-information such as market forecasts, economic data, and specialized knowledge of employees that is useful to a business and that helps it achieve its goals Types of
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