MGMT 1000 Chapter Notes - Chapter 1: Complete Control, Quaker Oats Company, Lemonade

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

Document Summary

Lo-1 the idea of business and profit. Business: an organization that seeks to earn profits by providing goods and services. Profit: what re(cid:373)ai(cid:374)s after a (cid:271)usi(cid:374)ess"s e(cid:454)pe(cid:374)ses are su(cid:271)tra(cid:272)ted fro(cid:373) its sales re(cid:448)e(cid:374)ues. Not-for-profit organization: an organization that provides goods and services to customers, but does not seek to make a profit while doing so. Economic system: the way in which a nation allocates its resources among its citizens. Market economy: an economic system in which individuals control all or most factors of production and make all or most production decisions. * the resources used to produce goods and services* Labour: the people who work for the company, sometimes called human resources, mental and physical capabilities of people. Entrepreneurships: people who accept the opportunities and risks involved in creating and operating businesses. Natural resources: physical resources (land, water, mineral deposits, and trees) Information: specialized knowledge and expertise of people who work in businesses.