MGTA01H3 Lecture Notes - Deflation, Canadian Business, Money Supply
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MGTA01H3 Full Course Notes
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Document Summary
Chapter 1: understanding the canadian business system: the concept of business and profit. Business: an organization that produces and/or sells goods or services in an effort to make a profit. Profit: what remains after a business" expenses have been subtracted from it"s revenues (expenses-revenue=profit!) Businesses wouldn"t exist if there was no demand in the market, no matter how efficient the company is. Businesses produce most of our goods and services along with employing majority of working people. New forms of technology, services, and international opportunities promise to keep production and consumption and employment growing indefinitely: economic systems and around the world, labour, capital. : mental and physical labour of people, a wide. Economic system: the way a nation allocates its resources among its citizens; differs in unions, who owns and controls the resources. Factors of productions: resources used to produce goods and services variety of skilled people to keep the company up.
