MGTA05H3 Lecture Notes - Lecture 1: Direct Debit, Profit Motive
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MGTA05H3 Full Course Notes
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Chapter 1: mgta05: what is a business, a business is an organized effort to provide the things that people need and want and are willing to pay for. Can be in the form of otc, by check, electronic transfer or by direct debit: incurring of expenses: businesses that provide products must incur costs to provide them. Costs are known as expenses; the costs that a business incurs in its efforts to generate revenue: desire to make a profit: profit is the positive benefit from running a business. A business makes profit when the revenue is greater than expenses. His interest was the relationship between the people who owned a business, and the people who worked for the business: he believed that people who started the businesses as. Capitalists , and the people who worked as labourers . Pov was simply an expression of one class of people (capitalists)
