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MGTA03 - Week 1 - Jan 8, 2013

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University of Toronto Scarborough
Management (MGT)
Chris Bovaird

MGTA03 – Intro to Management - Read Chapter 1 – Understanding the Canadian Business System to Page 10 Main Points of Today’s Lecture - Definition of “Business” - Profit and Loss - Factors of Production - Economic Systems Business Defined - An organized effort - To make or sell something - To sell to customers/patrons/clients - Who need or want something - In order to make a profit o Ex. Pizza shop, Rogers (People need telephone services, internet services & etc), Lemonade stand Business: Characteristics - Pizza store – This business exists because people may be hungry - Lemonade Stand – This business exists because people may be thirsty - Customers need and want things and they will pay for them Business: Definitions - The money that comes in are called Revenue or Sales (These two words mean the same thing) Business: Characteristics - Customers pay, get something in return. The business must provide a pizza Profit (Definition) - The difference between o $$$ in (revenues or sales) o $$$ out (Costs or expenses) Profit: Simple Example - Business sells small, plain pizza o Revenue (sales) = $6.00 o Less Expenses (costs) = -$5.00 o Profit = $1.00 Profit - Fundamental reason for a business to exist - Not all organizations are business
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