MGTA01H3 Lecture 2: Lecture 2 Notes
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MGTA01H3 Full Course Notes
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Document Summary
A business is an organization, it"s an organized effort. Revenues/sales: money that comes into a business because it is successful. Expenses/costs: money that goes out of a business. Profit: is the difference between the money that comes in (revenues) and the money that goes out (expenses). Loss more money goes out of the business than comes in. In study of business we look at hard skills/hard techniques about how to manage a business well. It is more focused on how to do a job. The study of economics tends to be more big picture, it"s more theoretical. Basic economic theory: there are basic building blocks used to produce anything. They are called "factors of production. : labour, natural resources, entrepreneurs, capital. : it"s money or machines and technologies that money can buy. : almost every business need some sort of natural resources. : people or workers are the labours in a business. found in nature.
