MGTA05H3 Lecture Notes - Lecture 99: Progressive Tax, Business Plan, Planned Economy
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MGTA05H3 Full Course Notes
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Business: an organized effort, to create or provide something that people want, and will pay for, in order to make a pro t(cid:1153)hospitals, university, churches are not for pro t organizations, since they are not intended for pro t(cid:1154) Businesses are organized efforts : people come up with a idea and put time, effort, energy into it to establish and successfully run the business. 2. business provides things that people need and want: business exists because they recognition a certain need or want of people. 3. business must try to satisfy customer needs: business cannot exist unless customers are willing to pay for it. 4. business generates revenue from sales: revenue is the money that ows into a business every time it sells a product or service, and the customer must get something in return. The business also incur expense while providing good or service to the customer.
