MGTA01H3 Lecture 1: MGTA01 September 3- lecture 1.docx
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MGTA01H3 Full Course Notes
Verified Note
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Document Summary
Understanding the canadian business system: business: organised effort, to make or sell something, to sell to customers, who need or want something, in order to make profit, have fundamental value: have a purpose, customers need or want things and will pay for them, revenues or sales: money that comes in, expenses: cost of goods for making products, direct costs: direct costs of production, indirect costs of production: labour, equipment, rent, advertising, tax, electricity, profit: revenue expenses. Loss making businesses: gm (2008) billion loss, chrysler (2008) billion loss, phoenix coyotes (bankruptcy in 2009, economics: the study of how business, people make choices about, what things to produce/ consume, how best to produce things, how best to distribute wealth, factors of production, basic building blocks to produce anything, natural resources, labour, capital, entrepreneurs, information, natural resources: raw materials found in ground, grown from earth, or harvested from nature: ex.
