MGTA01H3 Study Guide - Final Guide: Canadian Business, Big Bang, French Verbs

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

Document Summary

Businesses are made up of a small number of fundamental parts. By understanding these parts, the role of each, and how they relate to each other business owners can better control, maintain or improve the business" performance. Management theorists call the fundamental building blocks of business the "factors of production" Factors of production: the basic building blocks that, in combination, are required to make a business, and produce things. Natural resources: things found in nature, resources that grow out of the earth or can be extracted from it. Resource intensive: an activity that is predominantly dependent on the production or use of natural resources. No business can exist without people, every business needs at least one person to organize and plan things. Labour: the people who contribute their efforts to a business. Used by both not for profit organizations and businesses. Labour intensive: a business or process that requires a large amount of labour to produce its goods or services.