MGTA05H3 Lecture Notes - Lecture 14: Profit Motive, Human Capital, Economic System
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MGTA05H3 Full Course Notes
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Jargon of management: products : what they believe in getting, or hopes to get when buying a good or service. The tangible and intangible ffb that customers want and value. Product life cycle: describe a product, profitability of goods and service at a point. Factors of production (raw material for all businesses/basic building blocks) Talk about theories, the whole concept of theory. Ask about how people needs to understand everything/the whole to do better. Need to know the role of economic systems. Why do people get together? : because they want to produce the food, clothing, shelter and jobs they all need etc. Economic systems: how various countries decide to provide goods and services. Planned vs. market economies: advantages and disadvantages. Usually somewhere in the middle between planned and market. Describe a country to you where power/decisions is made by government, or nationalize or privatise health care. How is the country changing, what is good/bad about it etc.
