MGTA01H3 Chapter Notes - Chapter 1-2: Canadian Business, Canadian Natural Resources, Unstructured Supplementary Service Data
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MGTA01H3 Full Course Notes
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Document Summary
Business: an organized effort to provide the things that people need and want, and are willing to pay for. A business exists in order to satisfy those customer needs, also to make a profit. Organized efforts created as a result of the time, effort, and energy of the people who start and run them. Provides people things they need and want provide goods and services. Must try to satisf(cid:455) (cid:272)usto(cid:373)ers" (cid:374)eeds would not exist w/o customers. Customers: the people who need or want, and are willing to pay for, the things that a business provides, some business refer to customers as clients (people who use services of a professional) Business generates revenue from sales revenue: money that flows into a business every time it sells a product or a service to a customer, expenses: the money a business spends, to provide customers w/products.
