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MGTA05H3 Study Guide - Final Guide: Gross Domestic Product, Monopolistic Competition, Information Revolution

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muhaimin
21 Dec 2022
School
UTSC
Department
Management
Course
MGTA05H3
Professor
Arif Toor

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MGTA05H3 Full Course Notes
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MGTA05H3 Full Course Notes
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Document Summary

A business is any legal activity done for the sake of profit. An organized effort to provide something that people want in order to create profit. A family is not a business but an organization. A church is not a business but an organization. Profit is the difference between revenue and expenses. People will give up their effort and time if there is an incentive. The idea that people will give up their time, energy, and money to start a business only if they can realize some benefit from doing so. Adam smith, articulated the philosophy of liberalism. People will be motivated to work hard and succeed without government interference. Karl marx, articulated the philosophy of marxism. Profit is result of one class of people (capitalists) exploiting the work of others (laborers) Communism is a way of organizing society. Why liberalism abides with the profit motive famous and influential strand. Profit is the fair compensation for risk.

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Related Questions

Which of the following statements is true of organizational culture?
 
a) It is absent in large organizations.
 
b) It can only be conveyed through formal communication between managers and subordinates.
 
c) It exists only in the top management of an organization.
 
d) It helps ensure that all members of a company share values.
 
e) It is seldom seen in profit-making businesses.
Which of the following statements is true of business ethics?
 
a)All business actions deemed unethical by society are necessarily illegal.
 
b)Business ethics and personal ethics are synonymous.
 
c)The acceptability of behavior in business is determined by not only an organization but also its stakeholders.
 
d)Business ethics is independent of an organizational culture.
 
e)Profit in business is the only glue that holds relationships together.

18) Research suggests that the principal motivation(s) for entrepreneurs creating a new businesses is: a) b) c) d) new businesses are more profitable than existing businesses because most start-up entrepreneurs are unemployed because new businesses tend to be in high technology, fast-growth industries because entrepreneurs seek challenges and the sense of achievement.