MGTA01H3 Lecture Notes - Lecture 2: Profit Motive, Newsprint, The Globe And Mail

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18 Sep 2018
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If you haven"t taken this course before, or if there are things that are new to you, do not worry! A business is an organized effort to create or provide something that people want and will pay for, in order to make a profit. Revenue is money that flows into a business. An expense is money that flows out of a business. Businesses exist hoping that that the money that comes in (revenue) is more than the money that comes out (expenses: this is known as a profit. Businesses provide two types of products: goods are tangible products that consumers pay for (ex: an iphone, services are intangible products which people pay for (ex: an uber) Not for profit organizations don"t try to make a profit (ex: churches, mosques) A business is an organization that does try to make a profit.

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