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Admi 202 Lesson 1

In: Business and Management

Submitted By alovej
Words 3494
Pages 14
1.1 The Concept of Business and Profit (slide 2)
Alberta tar sands: Oil. lack of water, lack of energy. Major companies: Suncor Energy Inc., Canadian Natural Ressources Ltd., Petro-Canada and Syncrude Canada Ltd. Producing thousands of jobs and millions of barrels.
Voisey’s bay: Nickel mining project. Labrador, Newfoundland. building a new smelter, innu population asks 3% royalty. Provided job for around 1000 people, will drop to 400 after. Profit or problem?

* Business: organization of people that produces or sells goods or services for profit. * Profit: what remains after a business’s expenses have been subtracted from its revenues; it rewards the owners of taking the risks involved in investing their time and money. * A loss: a negative profit. * Examples of profitable companies: 2005: RBC ($3.3 bil.), Manulife Finacial ($3.2 bil.) and Imperial Oil Ltd. ($2.6 bil.) * Non-profit organizations can be seen here too as they give something to the owner. In this case, motivation is not profit, but personal satisfaction throughout volunteerism, others through representing their constituents in public office.

* Business owners essentially want to be rewarded by profit to open their business. Try to find something that people will pay them to do. * Consumer demand: what they want or need; no matter how efficient, a business will not survive if no one asks for what it can give. * Good business: will identify unmet consumer needs or better ways to satisfy them if competition doesn’t do it well or incompletely. * Successful businesses: employ people, bring innovation, opportunities for other businesses, and stimulate more business activity (suppliers) * Your income: each of us and all of us make money to stimulate the economy. * Consumers: have also the freedom of choice. * Advantages: * New forms…...

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