MGTA01H3 Lecture Notes - Lecture 2: Big Bang, Bulldozer, Mark Zuckerberg
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MGTA01H3 Full Course Notes
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Businesses that rely heavily on natural resources. Raw material you find in the ground or harvest (eg. coal wheat, water, apple, oil, and wood) One of the oldest form of business (eg. farming, fishing, gold mining etc: labour. People/workers are required in a business: capital. Money, or machines and technologies that money can buy. In order for farming, one needs a tractor to help with the job: entrepreneurs. New factor created; will be discussed later on: some businesses really depend on one of the factors and less of the others. La(cid:271)our i(cid:374)te(cid:374)si(cid:448)e: a(cid:374) orga(cid:374)izatio(cid:374) that relies o(cid:374) lots of la(cid:271)our (eg. wal(cid:373)art, m(cid:272)do(cid:374)ald"s, chi(cid:374)a. Theory: an attempt to explain something complicated, hard to understand, or hard to prove: entrepreneurs is the fourth factor of production, entrepreneurs: People motivated to take tie, incur costs, and take risks to make something happen. People want to make money and be rich.
