After you have read and studied this chapter, you should be able to

1. Describe the relationship of businesses' profit to risk assumption.
2. Discuss the groups that are considered stakeholders and indicate which stakeholders are most important to a business.
3. Explain the importance of entrepreneurship to the wealth of an economy.
4. Review the six elements that make up the business environment and explain why the business environment is important to organizations.
5. Identify various ways in which businesses can meet and beat competition.
6. Understand how the service sector has replaced manufacturing as the principal provider of jobs, but why manufacturing remains vital for Canada.