MGTA01H3 : Management-Textbook Notes.pdf
14
MGTA01H3 Full Course Notes
Verified Note
14 documents
Document Summary
Business: organization that produces or sells goods in order to make a profit. Profit: the amount that remains after expenses are subtracted from revenue. Revenue: the total amount made by the organization (aka. Anyone can setup a business to earn profits. Consumers also have freedom of choice to buy what they want. Businesses must identify unmet needs or better current needs. Economic systems around the world: the way in which a nation gives out resources amongst the population. Economic systems differ in the way countries manage factors of production. Factors of production: resources used to produce goods and services. Labour (human resources): mental and physical capability of people. Can be own investment, partners or investors who invest in stocks. Revenue keeps the business going (ongoing source of capital) Entrepreneurs: people who take a risk in operating a business or starting a new one. Manages and organizes labour, capital and natural resources in order to produce goods and services for profit.
