Class Notes (836,562)
Canada (509,854)
MGTA01H3 (348)
Lecture

Chapter 1

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Department
Management (MGT)
Course
MGTA01H3
Professor
Chris Bovaird
Semester
Fall

Description
Chapter 1 Business J an organization that seeks to earn profits by providing goods and services Profit J ]ZZK]LZZ]LZZ[ZLZZZLZ }K]ZLZ L L[Z }L}K] ZZK7Z]LZZZ]Z}L}]Z}}LZZ}}ZZK: L }L}K] ZZKoo} ZL]}L[ZZ} ZK}L2]Z ]]LZ: }L}K] ZZKZ]]LKZ of who owns and controls these resources, known as Z^ }Z}} ]}L_: Factors of production J labour, capital, entrepreneurs, and natural resources (information resources) Labour J is the mental and physical capabilities of people. Capital J the financial resources needed to operate an enterprise Entrepreneurs J the people who accept the opportunities and risk involved in creating and operating businesses Natural resources J items used in the production of goods and services in their natural state. Information resources J information such as market forecasts, economic data, and specialized knowledge of employees that is useful to a business and that helps it achieve its goal Types of economic systems J command and market economies Command economy J an economic system in
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