MGTA01H3 Lecture Notes - Lecture 1: Lemonade, Meke

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18 Sep 2015
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MGTA01H3 Full Course Notes
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MGTA01H3 Full Course Notes
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Definitions: revenue: the money that comes in expenses: the money that goes out to run the business and provide the product. It may cost the business to provide a product or service: example: it costs money to provide a pizza. People can chose to make a donation: example: university is not a business. Universities do not make a profit in the sense that, at the end of the day, a dean does not take all the money for themselves, but it is recycled back in for the student. Possibly the bookstores that provide books and equipment for students can make profits: ngo: non government organization: an organization that is neither a part of a government nor a conventional for-profit business, example: red cross. Profit verses loss: profit: when revenues more than costs, revenues are greater than cost of creating products or running the business and therefore the business owner gets rich.

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