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Lecture 2

Lecture 2 - factors of production

6 Pages

Management (MGT)
Course Code
Chris Bovaird

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LECTURE 2 Purpose of businesses are to make sure the money coming is more than the money spent Businesses that are extremely profitable, loads of people pay a lot of money for their products and services; the business makes a lot of money (example: Microsoft) American auto workers are very well paid One of the problems were that the GM and Chrysler were paying their workers a lot Revenues were not as high as they couldve have been and expenses were also high and they made a big loss Factors of production Study of management is the study of how to manage individual businesses What are the basic ingredients for what makes up a business? Theory of factors of production says that a business has to have some basic DNAsome raw ma Four basic fundamental building blocks of how anybody buil dsfaactursinoefsroduction Natural resourc esraw materials you find in nature or grow from the ground McDonalds have to buy hamburger buns; made of wheat Subway has to go get meat; ham grown at a firm Globe and mail needs paper from the trees; Apple needs copper and titanium; GM needs to buy rubber They all come out of the earth Every business requires some small amount of natural resources or raw materials Labour need at least one person working at the business Businesses will need at least one person; big businesses need thousands, etc Capital money or the machines or the technologies that money can buy Most people when they start a business have to go to a bank or withdraw savings Need to buy equipment, etc
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