ANTA02H3 Chapter Notes - Chapter 1: Gq, Planned Economy, Far-Left Politics
Document Summary
Business: an organised effort to make or sell something to customers, who need or want something in order to make a profit. The fundamental reason for a business to exist is to make a profit . Revenue the money a business earns selling its product and services. Expenses (costs) the amount spent running the business. Characteristics of business is to take account of what consumers want or need in order to get demands for the service or goods. Economic system the way in which a nation distributes its resources among its citizen. Factors of production the resources used to produce goods and services. Key difference between economic systems is how the nation manages the factors of production. Labour (human resources) is the use of mental and physical capabilities (skills) of people. Capital the funds needed to operate an enterprise, or the machines and technology.
