MGMT 1000- Final Exam Guide - Comprehensive Notes for the exam ( 23 pages long!)

• School: University of Guelph
• Department: Management
• Course: MGMT 1000
• Professor: Kathleen Rodenburg

Document Summary

Study guide: businesses produce of sell products in order to make a profit. Profit = revenue expenses: non- profit organizations provide goods and services t do not seek profit. ie: schools, hospitals. sh = rev expense: most important diff between economic systems from around the world is who controls the factors of production, the factors of production: natural resources, capital, human resources (labor), Communism socialism mixed economies capitalism: communism: government owns and operate all industries, it makes resource distribution decisions, socialism: government owns and operates critical industries. Political basis is capitalism, ownership of the factors of production is open, buyers and sellers have freedom of choice. The market is the mechanism for the exchange of goods and services: capitalism: encourages entrepreneurship and the private ownership of the factors of production. It encourages profit making as an incentive, and operates under the concept of supply and demand.