MGTA05H3 Study Guide - Midterm Guide: Profit Motive, Communism, Canadian Human Rights Act
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MGTA05H3 Full Course Notes
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One or more people working together to create or provide things that people want and will pay for it, in order to make a profit. Is an organized effort: one or more people has to have an idea, and has to put time, thought, effort, money, into carrying it out. They provide things that people need and want - 3. They must try to satisfy consumer"s needs: customers are the people who need and or want the things that businesses provide. A business generates revenue: the money that flows into a business when it sells. A business incurs expenses: costs of providing products or services. A business tries to make a profit: revenue expenses = profit. The profit motive: the desire to make money. The idea of starting a business to make money. Non-profit organizations: they provide things people need and want, they may collect revenue, but they don"t have the intention of making profits.
