MGTA01H3 Lecture Notes - Ibm Officevision, Air Canada, Bloomberg Businessweek

• School: UTSC
• Department: Management (MGT)
• Course: MGTA01H3
• Professor: Chris Bovaird

Document Summary

Business an organization that provides goods or services, to customers in order to make a profit. Profit the difference between: 10616$ in (revenues or sales, 10616$ out (costs or expenses) Profit is a fundamental reason for a business to exist: not all organizations are businesses (e. g. hospitals, universities, churches, these provide services but not for profit. Loss: when expenses are greater than revenues, example: it costs more money to produce the products and run the business than receiving the values of goods, examples of loss making businesses: Purpose of business is to sell something and make a profit out of it. Economics: the study of how businesses, people make choices about. Market economies: countries where: individuals own/control the factors of production. Economic systems: countries differ as to how central the government is in running the economy (copy chart from powerpoint)