MGTA01H3 Lecture : ManagementNOTES1.doc
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MGTA01H3 Full Course Notes
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Business an organization that produces or sells goods or services in an effort to make a profit. In 2002, most profitable company in canada was the canadian wheat board (. 2 billion in profit) Businesses produce most of the goods/ services we consume and employ the majority of working people. Economic systems how a nation allocates its resources among its citizens. They differ in who owns and controls these resources: command economy (communism & socialism: government owns all or almost all, market economy (capitalism: input & output markets, mixed market economy (canada: elements of both command & market economies) Factors of production (basic resources a country"s businesses use to produce goods & services: natural resources, human resources (labor physical and mental, capital, entrepreneurs (people that accept the opportunities and risks involved) Government as customer (buys products and especially services from many firms) Government as competitor (through crown corporations: hydro, liquor, and lottery)