Business Exam: Chapter 1
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An organization that strives to make a profit by providing goods and services desired by its customers.
Measurement of outputs of products (private and public) that people can buy with the money they have.
Standard of living
General Level of human happiness
Quality of life
Potential of losing resources
The money a company earns
Expenses to generate revenue
The different between revenue and cost
Federal Government oversees...
- - money and banking
- - trade regulations
- - external relations
- - defence
- - criminal law
- - transportation
Provincial Government oversees...
- Administration of labour laws
- health and welfare
- protection of property rights
- natural resources
Municipal Government oversees...
- water, sewer, waste collection
- encourage economic development
- use bylaws to regulate
Government's Role in business..
- provider of essential services
- taxation agent
Protection for inventors
Protection for creators of works of art, music, literature or other intellectual properties
Design, name or other distinctive marks
- right of choice
- right of safety
- right of honesty
- right to be informed
- Income tax
- property tax
- payroll tax
- sales tax
- excise tax
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