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mgta03 ch1,ch2.docx

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Management (MGT)

CHAPTER 1Business an organization that provides goods or services to customers in order to make a profitProfit the difference between money in revenuessales and money out costsexpensesProfit is the fundamental reason for a business to existNot all organizations are businesses ex Hospitals unis churchesthese provide services but not for profit Loss when expenses are greater than revenuesEx It costs more to produce the products and run the business than the business can generate though sales BP GM Air Canada Chrysler Economics the study of how businessespeople make choices aboutWhat things to produceconsumeHow best to produce thingsHow best to distribute wealthmore theoretical big pictureBasic Economic TheoryThere are basic building blocks used to produce anythingWe call those basic building blocksFactors of Production Factors a Labour human beings ex Workers b Natural Resources raw materials found in ground grown from earth or harvested from nature ex Coal wheat water wood c Capital money or machines and technologies that money can buy ex Computers phones hammers tractors d Entrepreneurs the people who a
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