MGTA01H3 Chapter Notes - Chapter 2: High Standard Manufacturing Company
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MGTA01H3 Full Course Notes
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Mgta02 - chapter 2 building a business: the. The theory of factors of production (pg 22) The factors of production - the basic building blocks required to make a business and produce things: all business, large or small, require some combo of factors of productions to operate, natural resources pg. Natural resources - resources found in nature, grown out of the earth or extracted from it. Resource intensive - an activity predominantly dependant on the production or use of natural resources e. g apple growing relies on water irrigation, land, manure etc: labour. Labour - the people who contribute efforts to the business. Labour intensive - a business that needs a lot of labour to produce its goods or services: capital. Capital intensive - businesses who need a lot of money/equipment to produce its goods or services e. g. bank, farm with lots of machinery: entrepreneurship.
