MGTA01H3 Lecture : week 1

• School: UTSC
• Department: Management
• Course: MGTA01H3
• Professor: bouvaird

Document Summary

Business: a kind of organized effort; which creates or provide things; that people want and will pay for; in order to make a profit. I. e. one or more people put time, thought and effort into trying to accomplish a goal. Sell things to satisfy needs, such as goods, services. Goods, services people willing to pay for. In return, the business must provide a product expenses (also called costs ) Cost to the business of providing the product. Profit: revenue costs: positive value = profit for the business, negative= loss for the business. Many factors that influence this such as supple, demand, situational (pandemic impacted oil)