MGTA01H3 Lecture 1: MGTA01 Fall 2017 Week 1 Notes

• School: UTSC
• Department: Management
• Course: MGTA01H3
• Professor: Chris Bovaird

Document Summary

A business is a kind of an organization, an organized effort, to create or provide something (products, goods and services) that people want and will pay for, to make a profit. One or more people planning things, going through some trouble. Revenue: the money that comes into a business. Expenses: the cost of the goods or service that the business provide. Profit: the difference between: money in (revenue, money out (expenses or costs) A business exists to bring in more revenue than their expenses. Thus, profit is the key reason for a business to exist. Not for profit organizations: hospitals, universities, churches: provide services but are not intended for profit.