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COMPLETEEXAMNOTESUNDERSTANDINGCANADIANBUSINESSCHAPTER#1MANAGINGWITHINTHEDYNAMICBUSINESSENVIRONMENTBusinessandEntrepreneurship:Revenues,Profits,andLossesBusiness:Anyactivitythatseekstoprovidegoodsandservicestootherswhileoperatingataprofit.Profit:Theamountabusinessearnsbeyondwhatitspendsforsalariesandotherexpenses.Entrepreneur:Apersonwhoriskstimeandmoneytostartandmanageabusiness.Revenue:Thetotalamountofmoneyabusinesstakesinduringagivenperiodbysellinggoodsandservices.Loss:Whenabusiness’sexpensesaremorethenitsrevenue.Risk:Thechanceanentrepreneurtakesoflosingtimeandmoneyonabusinessthatmaynotproveprofitable.RespondingtotheVariousBusinessStakeholdersStakeholder:Allthepeoplewhostandtogainorlosebythepoliciesandactivitiesofabusiness.-Investors;investinthebusiness-FinancialInstitutions;lendmoneytothebusiness-Supplier;selltothebusiness-Customers;buygoodsandservicesfromthebusiness-Government;getstaxesfromthebusiness-Employees;getjobsfromthebusiness-Dealers;buyandsellforthebusiness-Environmentalists;protestthebusinessespollutionhabits-SurroundingCommunity;getmanypositivesandnegativesfromthebusinessOutsourcing:Assigningvariousfunctions,suchasaccounting,production,security,maintenance,andlegalwork,tooutsideorganizations.ThereisamajortrendtowardoutsourcinginNorthAmericanbusinessinanefforttocutcostsandbecomemorecompetitive.Muchproductionhasmovedoffshore,andmanymanagementfunctionsarenowsubcontractedtoexternalsourcessuchasconsultingfirms.UsingBusinessPrinciplesinNon-profitOrganizationNon-profitOrganization:Anorganizationwhosegoalsdonotincludemakingapersonalprofitforitsownersororganization.SocialEntrepreneurs:arepeoplewhousebusinessprinciplestostartandmanagenon-profitorganizationsandhelpcountrieswiththeirsocialissues.Non-profitorganizationsusemanagementprinciplesandfunctioninthesamewayasabusiness.Theirprimaryreasonforbeingisdifferenthowever.Anon-profitorganizationoperatesforasocialobjectivewhereasabusinessoperatesforaprofit.QualityofLife:Thegeneralwell-beingofsocietyintermsofpoliticalfreedom,acleannaturalenvironment,education,healthcare,safety,freetime,andeverythingelsethatleadstosatisfactionandjoy.EntrepreneurshipVersusWorkingForOtherTheImportanceofFactorsofProductiontotheCreationofWealthFactorsofProduction:Theresourcesusedtocreatewealth1.Land:naturalresources2.Labour:workers3.Capital:Thisincludesmachines,tools,buildings,orwhateverelseisusedintheproductofgoods.Itdoesnotincludemoney;isusedtobuyfactorsofproduction.4.Entrepreneurship:peopleandpolicieswhichpromotenewventures5.Knowledge:askilledandeducatedworkforceTheBusinessEnvironmentBusinessEnvironment:Thesurroundingfactorsthateitherhelporhinderthedevelopmentofbusinesses.1.Thelegalandtheregulatoryenvironment:1.freedomofbusinessandrealestateownership2.contractlaws3.eliminationofcorruptionBusinessesneedtobeawareofallthelawsandregulationswhicheffecttheirindustryandbusinessoperations.Regulations:Servetocarryoutthepurposesoforexpandonthegenerallawspassedbyelectedofficials.CompetitionAct:Isanact/lawthattriestoensurefreeandopencompetitioninCanadianbusiness.2.TheEconomicEnvironment:Inastrongeconomywhichisgrowingthenumberandprofitsinanygivenbusinessalsogrowaswellasthenumberofcompetitorsasopportunitiespresentthemselves.Inadowneconomyopportunitiesdisappearandprofitsshrinkasbusinessesareforcestoclose.3.TheTechnologicalEnvironment:Technology:Everythingfromphonesandcopierstocomputers,medicalimagingdevices,personaldigitalassistants,andthevarioussoftwareprogramsthatmakebusinessprocessesmoreefficientandproductive.-HowTechnologyBenefitsWorkersandYou--Technologymakesbusinessesmoreefficientandaffectiveattheproductionofgoodsandservicesandthusmoreproductive.Productivity:Theamountofoutputthatisgeneratedgiventheamountofinput.-TheGrowthofE-commerce—e-commerce:Thebuyingandsellingofgoodsandservicesovertheinternet.-UsingTechnologytobeResponsivetoCustomers—Database:Anelectronicstoragefileinwhichinformationiskept;oneuseofdatabasesistostorevastamountsofinformationaboutcustomers.IdentityTheft:Obtainingpersonalinformationaboutapersonandusingthatinformationforillegalpurposes.4.TheCompetitiveEnvironmentCompetitioninthebusinessenvironmenthasneverbeengreaterthenitistoday.-ComponentsofCompetition—Whenenteringamarketbusinessesmustconsiderthedrivingforcesbehindtheircompetitors.-Entry;likelihoodofnewentrants.-PowerofBuyersandSuppliers-ExistingCompetitorsandSubstitutes-CompetingByExceedingCustomerExpectations—-CompetingbyRestructuringandEmpowerment---Empowerment:Givingfrontlineworkerstheresponsibility,authority,andFreedomtorespondquicklytocustomerrequests.5.TheSocialEnvironmentDemography:Thestatisticalstudyofthehumanpopulationwithregardtosize,density,andothercharacteristicssuchasage,race,gender,andincome.Canadahasanagingpopulation.By203123%willbeover65yearsofageduetothebaby-boomandbaby-boomechogenerations.Thustheconsumermarketchangesovertime.Baby-boomecho:AdemographicgroupofCanadiansthatwerebornintheperiodfrom1980to1995,andthechildrenofbaby-boomers.Baby-boomers:AdemographicgroupofCanadiansthatwerebornintheperiodfrom1947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