MGTA01H3 Lecture 1: Lecture 1
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MGTA01H3 Full Course Notes
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Organized effort to create or provide something that people want and will pay for, in order to make a profit. Note that businesses do not mean they have to be huge corporations with owners wearing fancy black suits. Professor bovaird shows pictures of a lemonade stand and pizza place owner they all business! Customers need and want thing and they will pay for them. Every time the business collects revenue it must give something in return the 4580$ that comes is called revenues most known as sales. E. g. if you give 6 bucks, you must get a piece of pizza back. Business owners become wealthier when revenues are more than costs. Key reason for a business to exist. Provide service but not intended for profit. Business tries to make profit not churches and hospitals d: E. g. u of t is not a business! Because tuition doesn"t cover expenses it only cover less than a half of the total cost.
