MGT100H1 Lecture Notes - Lecture 1: Human Resources, Economic System, Invisible Hand
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MGT100H1 Full Course Notes
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September 11, 2018 (relevant reading contemporary business 2nd edition: chapter 1 and 3) Business all profit-seeking activities and enterprises that provide goods and services necessary to an economic system. Profits rewards for businesspeople who take the risks involved to offer goods and services to customers. Capitalism: adam smith known as father of capitalism, invisible hand . Economic system determines business ownership, profits and resources. Films rewarded for their ability to serve the needs of consumers. Competition the battle among businesses for consumer acceptance. Is a risk taker (takes financial, personal, social, and career risks: sees a potentially profitable opportunity, devises a plan to achieve success in the marketplace and earn those profits, fuels the economy, provides innovation. Colonial period: primarily agricultural; prior to 1776. The industrial revolution: mass production by semiskilled workers, aided by machines; 1760-1850. The age of industrial entrepreneurs: advances in technology and increased demand for manufactured goods, leading to enormous entrepreneurial opportunities; late 1800"s.
