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Canada (492,283)
MGTA01H3 (348)

A Business Defined, Economic Systems, Degrees of Competition

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University of Toronto Scarborough
Management (MGT)
Chris Bovaird

Chapter 1 J Understanding the Canadian Business System ,]L}]LZ}}[Zo - ]L]]}L}^Z]LZZ_ o An organization that provides goodsservices to customers in order to make a profit o Not all organization are businesses J e.g. hospitals, universities, churches J these are services - Profit and loss o Profit: the difference between money in (revenuesales) and money out (costsexpenses) o Profit is the fundamental reason for a business to exist o Loss: when expenses are greater than revenues When it costs more money to produce the products and run the business than the business can generate through sales J e.g. Air Canada, GM - Economics: the study of how businesses and people make choices about: o What things to produceconsume o How to produce things in the most efficient way o How to best distribute wealth among employeesemployers - Basic Economics theory o There are basic building blocks used to produce anything J ZZ ooZ^ }Z} produc]}L_ - Factors of production 1. Natural Resources
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