29 views3 pages
10 Nov 2010
School
Course
Chapter 1A.ppt / 01
Laurence, Hugh
MGTA03, Lec. 03
Management A03 Introduction to Management September 10th, 2009
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- 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?
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- 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
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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
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± No goods or services are provided
± Increase in value to owners, but not from commercial activity
± Renting property, lending interest or collecting royalties
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- 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?
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- A measure
- In monetary terms
- Of the success of economic exchanges
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Document Summary

Business and exchanges the economic system. That provides goods and services, or both. With the expectation of increasing value for the owners of the business, usually in. In exchange for money from clients the form of profits. but clients do not pay for the services directly. renting property, lending interest or collecting royalties. Increase in value to owners, but not from commercial activity. 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. Of the success of economic exchanges www. notesolution. com. Profit is more than a measure of economic success. Profit becomes a goal the business run for profit: the purpose of the business becomes more than the supply of a good or service, the purpose of the business becomes making profits.

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