MGTA01H3 Lecture Notes - Lecture 1: Lemonade Stand, Information Revolution

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MGTA01H3 Full Course Notes
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MGTA01H3 Full Course Notes
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Mgta01 lecture 1 ~ what is a business. Key points in this chapter: de nition of business, characteristics, revenues and expenses, pro ts and loss, the pro t motive, risk and return. What is a business: an organized e ort to create or provide something that people want and will pay for in order to make pro t, nike makes athletic wear, apple sells apple products i. e. phones, macbook etc. Products: goods; needs and wants and are willing to pay for and can feel, touch etc, services; needs and want and are willing to pay for but can"t feel, touch etc. Business characteristics: pizza shop may exist because people are hungry, a small lemonade stand business will exists because people are thirsty, customers need and want things and they will pay for them, expenses: cost of providing the product. The money that comes in is known as revenue .

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