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Chapter 1A Lecture

Management (MGT)
Course Code
Ingrid L.Stefanovic

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Chapter 1A.ppt / 01
Laurence, Hugh
MGTA03, Lec. 03
Management A03 Introduction to Management September 10th, 2009
- What is a business?
- What resources do businesses use?
- Business and exchanges ± the economic system
- The role of government
- Markets and how they work
- Competition and market structure
What is a Business?
- An economic organization
- That provides goods and services, or both
- In exchange for money from clients
- With the expectation of increasing value for the owners of the business, usually in
the form of profits
7D[± supported organizations
± They supply services
± But clients do not pay for the services directly
± There is no increase in value
± Hospitals, schools, police, army, governments
± No goods or services are provided
± Increase in value to owners, but not from commercial activity
± Renting property, lending interest or collecting royalties
- Supplies goods and services, engaging in commercial exchanges
- Gets paid from clients in exchange for receiving the goods and services
- The exchanges generate increased value for the owners of the business, usually in
the form of profits
What is a Profit?
- A measure
- In monetary terms
- Of the success of economic exchanges
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