MGTA01H3 Lecture : MGTA03 - Lecture 1.docx
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MGTA01H3 Full Course Notes
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Introduction to management: lecture #1 y begin to read chapter 1 for this week: understanding the canadian business system. Purpose of chapter/lecture: y set the scene y provide basic definitions y explain a few key theories. Main points of today s lecture: y definition of business y profit and loss y factors of production y economic systems. Management studies how to run a business. Profit: y revenue (sales) expenses (costs) = profit y profit is the fundamental reason for a business to exist y not all organizations are businesses; ex. Hospitals, universities, churches y these do provide services: not intended for profit. It costs more to produce the products, and run the business, than the business can generate during sales y exon (oil) world s largest petroleum company is the most profitable business. Economics: y study of how businesses, people make choices about: