MGTA01H3 Lecture Notes - Lecture 2: Information Revolution
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MGTA01H3 Full Course Notes
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Coal, wheat, water, and wood: businesses need people which are known as labour (workers and human beings, capital is the money or the machines and technology that money can buy (tractors, Hammers, and printers: note: every business needs at least one part-time employee, a business combines the factors of production into a product. Factor intensity: theory suggests that all businesses need some combination of all three, however, depending on the business or industry one factor may be more important than the others. Labour intensive: a business that heavily relies on labour, ex. Walmart and mcdonalds: resource intensive, a business that relies heavily or primarily on natural resources, ex. Farming, fishing, and mining: capital intensive, a business that relies on lots of money, equipment, and technology, ex. Banking and auto manufacturing: a fourth factor of production has been recently added, businesses are formed by the people, people motivated to take time, incur costs and take risks, to make something happen, ex.
