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MGTA01H3 Lecture : MGTA Lec 1 + 2.doc

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oliveelephant471
21 Feb 2012
School
UTSC
Department
Management (MGT)
Course
MGTA01H3
Professor
Chris Bovaird

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MGTA01H3 Full Course Notes
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MGTA01H3 Full Course Notes
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Document Summary

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.

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Related Questions

Which of the following statements is true of organizational culture?
 
a) It is absent in large organizations.
 
b) It can only be conveyed through formal communication between managers and subordinates.
 
c) It exists only in the top management of an organization.
 
d) It helps ensure that all members of a company share values.
 
e) It is seldom seen in profit-making businesses.

18) Research suggests that the principal motivation(s) for entrepreneurs creating a new businesses is: a) b) c) d) new businesses are more profitable than existing businesses because most start-up entrepreneurs are unemployed because new businesses tend to be in high technology, fast-growth industries because entrepreneurs seek challenges and the sense of achievement.

Research suggests that the principal motivation(s) for entrepreneurs creating a new businesses is: new businesses are more profitable than existing businesses because most start up entrepreneurs are unemployed because new businesses tend to be in high technology, fast growth industries because entrepreneurs seek challenges and the sense of achievement.