Economics notes.doc

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Department
Economics for Management Studies
Course
MGEA02H3
Professor
Gordon Cleveland
Semester
Fall

Description
A business is an organization that earns a profit by providing goods or services. A profit is the earnings made through a business after expenses is subtracted from revenue. An economic system is the way a nation allocates its resources amongst its citizens. Factors of production are the resources used to produce goods and services; labour, capital, natural resources, and entrepreneurs. Labour is the physical and mental training and talents of people. Capital is the funds needed to operate an industry or sometimes used for personal use. Entrepreneurs are individuals who manage and organize their own enterprise. Natural recourses are the production of goods at theithnatural state. Information resources is NOW recognized as the 5 factor of production and is the knowledge of employees used to achieve goals. Command economy is an economic sy
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