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Textbook notes Ch.1-Understanding the Canadian Economy

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University of Toronto Scarborough
Management (MGT)
Chris Bovaird

CHAPTER 1: UNDERSTANDING THE CANADIAN ECONOMY Business: An organized effort, in which the main goal is profit by providing gs (things that customers are willing to pay). Organized Effort: Soccer Team, i.e. hire leagues, schedule team, UT, choir. They all provide services but they are not businesses, even though we pay for those services. Difference: Main motive is profit, unlike churches and schools. Profit: ZK,9702,L38,1907,-:8L308880[503808K,;0-0038:-97,.901742L9870;03:08 - rewards the owner for investing time + $ Expenses: the money a business spends producing its goods and services and generally running the business Revenues: the money a business earns selling its products and services - Earn profit what consumers want or need, identify unmet consumer needs or better ways to satisfy them success [someone who can sport a promising opportunity and develop a good plan for capitalizing on it can succeed] Hoping to get some extra left after providing, advertising gs. Diff. bw rev. or sales and costs or expenses. Fundamental reason of existence. Enhances production, consumption and income, therefore also the standard of living. Economics: study of: how best to produce things and how best to distribute wealth Factors of Production: (9K0-,8L.-:LOL3J-O4.N8 9K07084:7.08 :8094574:.0J44847807;L.08 Natural Resources: items used in the production of goods and services in their natural state, including land, water, mineral deposits, and trees. Materials to be part of or for the production of gs Labour: aka Human resources, mental and physical capabilities Capital: Financial resources needed to operate an enterprise, ie personal investment, investors, revenue, money, or the machines and technologies that money can buy Entrepreneurs: The people who assemble and organize the other factors of production, the individuals who make it all happen but risk failure. Those that have a vision and are willing to take risks Information resources: info such as market forecasts, economic data and specialized knowledge of employees that is useful to a business and that helps it achieve its goals Economic Systems (country): ,OO4.,908,3,9L4387084:7.08,243JL98.L9L]038 $890289K,9.4:397L08,,5994,OO4.,90,3,9L4387084:7.08-,nswering basic economic questions: What should we make? How best to make it? How best to share it?
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