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Week 1 lecture notes

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University of Toronto Scarborough
William Seager

Management Readings Chapter 1 Business: an organization that produces or sells goods or services in an effort to make profits Profit: money that remains (if any) after you subtract revenue expenses Economic system: the way in which a nation allocates its resources among citizens Factors of production: resources used to produce goods natural resources, labour, capital, entrepreneurs and information resources. Labour: mental and physical training and talents of people (sometimes called H. Resources) Capital: the funds needed to operate an enterprise - Revenue from sales of products is a key & ongoing source of capital once a business has opened - can come from individual entrepreneurs or shareholders Entrepreneurs: an individual who organizes and manages the factors of prod. To produce goods and services to earn a profit, but whom also run the risk of failure Natural Resources: items used in the prod. of goods and services in their natural state, including land, water, mineral deposits, trees etc. Information Resources: information such as market forecasts, economic data, and specialized knowledge of employees that is useful to a business and that helps it achieve its goals. Command Economy: an economic system in which government controls all or most factors of production and makes all or most production decisions Market economy: an economic system in which individuals control all or most factors of production and make all or most production decisions supply and demand based Communism: a type of command economy in which governments own and operate industries Socialism: a kind of command economy in which the Gov. owns and operates the main industries, while individuals own and operate less crucial industries. Market: a mechanism for exchange between buyers and sellers Capitalism: a kind of market economy offering private ownership of the factors of production and of profits from business activity. Mixed market economy: an economic system with elements of both a command economy and a market economy, in practice, typical of most nations
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