MGTA01H3 Study Guide - Midterm Guide: Planned Economy, Profit Motive, Economic System
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MGTA01H3 Full Course Notes
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Document Summary
A business is an organized effort used to provide things that individuals may need or want and are willing to pay for. Business only exists to satisfy the customer needs, and also make some sort of profit with a definition. It"s an organized effort one or more people have an idea, that has to have time, thought, and effort carrying out the idea. Businesses are created as the result of time, effort, and energy of the individuals who start them and run them. A business provides things that people need and want . Definition stated that a business exists to provide the things that people need and want. A business must provide something that people want, it must satisfy a need. People need or want good tasting, inexpensive food, that are served quickly to desire their needs or wants. Every business, no matter how large or small, exists to provide things that people want.
