Page 1-9.docx

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Department
Economics for Management Studies
Course Code
MGEB06H3
Professor
Ted Petit

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Description
Sept 19. 2010 Page 1-9 The Concept of Business and Profit (pg.5) Business: An organization that seeks to earn profits by providing goods and services Profit: The money that remains (if any) after a business’s expenses are subtracted from its revenues Expenses: The money a business spends producing its goods and services and generally running the business. (Also refer as costs) Revenues: The money business earns selling products and services. (Also refer to as sales) Economic Systems around the World (pg. 5-9) Economic System: The way in which a nation allocates its resources among its citizens Factors of production: The resources used to produce goods and services: labour, capital, entrepreneurs and natural resources Labour: The mental and physical training and talents of people; sometimes called human resources Capital: The funds needed to operate an enterprise Entrepreneur: An individual who organizes and manages labour, capital, and natural resources to produce goods and services to earn a profit, but who also runs the risk of failure Natural Resources: Items used in the production of goods and services in their natural state, including land, water, mineral deposits and trees Information Resources: I
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