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MGTA01H3 Lecture Notes - Planned Economy, Izzy Asper, Jim Kimsey

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School
UTSC
Department
Management (MGT)
Course
MGTA01H3
Professor
Zachariah Campbell

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MGTA01H3 Full Course Notes
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MGTA01H3 Full Course Notes
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Document Summary

Business: an organization that produces/sells goods or services in an effort to make a profit. Profit: the money that remains (if any) after a business"s expenses are subtracted from its revenues (p=r-e: reward business owners for taking time & money risks, among most profitable rbc, manulife financial, imperial oil ltd. Expenses: the money a business spends producing its goods & services & generally running the business, costs . Revenues: the money a business earns selling its products & services, sales . Businesses exist to earn profits for owners who are free to set them up: businesses must consider what consumers want/need when wanting to make profits, need a demand for its services. Spot a promising opportunity & develop a good plan for capitalizing on it. Healthy business climate = good standard of living. Economic systems help determine how an organization operates.

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Related Questions

A diversified company's business units exhibit good financial resource fit when

A.the resource requirements of each business exactly match the company's available resources.

B.each business is a cash cow.

C.a company has the resources to adequately support the requirements of its businesses as a group without spreading itself too thin and when individual businesses add to a company's overall strengths. each business is sufficiently profitable to generate an attractive return on invested capital.

D.each business unit produces large internal cash flows over and above what is needed to build and maintain the business.

Which of the following is a characteristic that can be used to guide the design of service systems?
Ā 
A) Services cannot be inventoried
B) Services are all similar
C) Quality work means quality service
D) Services businesses are inherently entrepreneurial
E) Even service businesses have internal services
Which of the following statements is true of business ethics?
Ā 
a)All business actions deemed unethical by society are necessarily illegal.
Ā 
b)Business ethics and personal ethics are synonymous.
Ā 
c)The acceptability of behavior in business is determined by not only an organization but also its stakeholders.
Ā 
d)Business ethics is independent of an organizational culture.
Ā 
e)Profit in business is the only glue that holds relationships together.