MGTA01H3 Lecture : MGTA Lec 1 + 2.doc
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MGTA01H3 Full Course Notes
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Business - organized effort, to make or sell something, to sell to customers , who need or want something, in order to make a profit. Businesses exist because customers need and want things and they will pay for them. that comes in : revenues or sales. Hospitals, universities, churches etc. ) they don"t exist to make a profit. Economics- study how businesses, people make choices about: Basic building blocks used to produce anything. Natural resources- raw materials found in ground, grown from earth, or harvested from nature. (ex. coal, water, wheat, wood) Labour- businesses need people (ex. human beings, workers) Capital - money, or machines and technology that money can buy (ex. computers, phones, hammers, tractors) Entrepreneurs- people who assemble and organize the other factors of production, the individuals who make it all happen. The way different countries answer basic economic questions: Communist economies: government own/controls all the factors of production makes.