MGTA01H3 Lecture Notes - Lecture 1: Profit Motive
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MGTA01H3 Full Course Notes
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Document Summary
Business: an organised effort, to create or provide something, that people want and will pay for, in order to make a profit. Prof: a business is things that people want and willing to pay for, organization is an effort of making a mental note, business is an organized effort to produce and supply. Certain amount of time and though into something willing to pay for. Business does not mean suit, he is actually doing work and putting in effort into his work. Customers need and want things and the will pay for them. Prof: making items that people are willing to pay for. Customers, clients and consumers are all the same. The 2308$ that comes in: revenues or sales. Revenues is the money that comes through the sales. Money that goes out is known as expenses. Profit- the difference between: 2308$ in (revenues or sales) 2308$ out (cost or expenses)
