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MGTA01H3 (348)

All lecture notes for lectures 1 and 2 on chapter 1, information is very similar to textbook material

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Management (MGT)
Chris Bovaird

MGTA03 LECTURE 1 CHAPTER 1 Understanding the Canadian Business System Slide 4: A business is an organization; a business is an organized effort to makeproducesupply something or make something available to sell to customers who needwant something in order to make a profit Slide5: The vast majority of businesses are owned by regular people and are not huge corporations. (Independently owned pizzerias = business = lemonade stand) Slide 9: Business Characteristics Businesses exist because customers needwant things and will pay for them. Slide 10: Money that comes into a business is called Revenue or Sales Slide 12: The profit of a business is the difference between the money that comes in (revenue) and the money that goes out (expenses). The purpose of the business is to make sure that more money comes in than goes out (so that a profit can be made). Slide 15: The fundamental reason for a business to exist is PROFIT. Not all organizations are businesses (i.e. hospitals, universities, churches). Organizations can provide services without the intent of gaining profit. Slide 16: Profit vs. Loss Not all businesses are successful in what theyre trying to do. A loss occurs when expenses total more than sales. When there is a loss, it means that it costs more to produce the products and run the business, than the business can generate through sales. LECTURE 2 CHAPTER 1 Understanding the Canadian Business System Slide 4: Factors of Production: basic building blocks used to produce anything; necessities of a business. Four factors of production are needed for a business to function: natural resources, labour, capital, entrepreneurs. Mid-70s theory was that there was only 3 factors of production, but now there are 4 (textbook says 5)
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