MGTA01H3 Lecture Notes - Lecture 1: Profit Motive, Spinning Jenny, Allan Cup Hockey

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

Document Summary

His term is used to refer to people who use the services of a professional (ex. The reason businesses exist: profit motive: the idea that people will give up their time, energy and money only if there is some incentive for them to do so. Non-p(cid:396)ofit o(cid:396)ga(cid:374)izatio(cid:374)s (cid:894)like f(cid:396)ee tuto(cid:396)i(cid:374)g(cid:895) a(cid:396)e(cid:374)(cid:859)t (cid:272)o(cid:374)side(cid:396)ed (cid:271)usi(cid:374)esses: profit motive distinguishes businesses from other organizations, ex: church, mosque, socce(cid:396) tea(cid:373), (cid:272)lu(cid:271) a(cid:396)e(cid:374)(cid:859)t (cid:271)usi(cid:374)esses. U(cid:396)e the(cid:455) a(cid:396)e organized effort and require time and energy to run, but they do not run for the purpose of making profit. They rely on volunteers to help support them: not all organizations are businesses, such as hospitals, universities, churches where services are provided but are not intended for profit. Universities: a(cid:396)e(cid:374)(cid:859)t (cid:272)onsidered businesses, although u(cid:374)i(cid:448)e(cid:396)sities (cid:272)olle(cid:272)t (cid:396)e(cid:448)e(cid:374)ues, it (cid:449)as(cid:374)(cid:859)t esta(cid:271)lished fo(cid:396) the pu(cid:396)pose of generating a profit, universities only rely on tuition fees for 38% of their expenses. The rest comes from government grants, donations, research grants.