MGTA01H3 Lecture : MGTA03 chap 1-5.doc
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MGTA01H3 Full Course Notes
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=> business: an organization that produces or sells goods or services in an effort to make a profit. => revenues: the money a business earns selling its products and services. => expenses: the money a business spends producing its goods and services, and generally running the business. => profit: the money that remains (if any) after a business"s expenses are subtracted from its revenues. => economic system: the way in which a nation allocates its resources among its citizens. => factors of production: the resources used to produce goods and services: labour, capital, entrepreneurs and natural resources. => labour: also referred to as human resources, labour is the mental and physical capabilities of people. An example can be seen in a major corporation. All members of the corporation who contribute to running and maintaining the business, its liabilities and assets are forms of labour. => capital: the funds used to operate an enterprise.
