MGTA01H3 Lecture Notes - Lecture 2: Spinning Jenny, Information Revolution
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MGTA01H3 Full Course Notes
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Business: an organised effort, to produce or provide something that customers want, they are willing to pay for, and the organisation seeks a profit (difference between organisations and businesses) Why do some companies suffer significant losses: sometimes businesses just get it wrong, they do not know what people want. : their competitors are better than they are (i. e. apple, android) and their competitors provide services that the public desires (i. e. , apps, cheaper and more accessible prices) Factors of production are the little aspects to a business that can be manipulated in order to try and make profits and make the business successful. Natural resources: hard to run a business without raw materials (things that come from nature) i. e. newspaper company: need trees in order to print out the news onto paper. Things that god put into the world as essential to businesses.
