MGTA01H3 Chapter 1-5: MGTA03 Exam Notes
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MGTA01H3 Full Course Notes
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Document Summary
Business: an organization that sells products or services to earn profit. Profit: what the company earns after expenses are subtracted after earned. Expenses: amount put into the organization to run the place. Revenues: the money earned by selling the product or service. Factors of production: basic resources needed to run a business. Labour: also called human resources, the people and their skills that serve and make the products or services. Capital: the money used to run the business, office rooms, supplies, etc. Entrepreneurs: a person who is responsible for getting the labour, capital, resources to run the business. Natural resources: items used to make the products or services in their natural state, water land wood etc. Information resources: information such as market forecast, economic data, and specialized knowledge of employees that is useful to a business and that helps it achieve its goal. Economic systems also differ in the way decision are made.
