MGTA01H3 Lecture : All lecture notes for lectures 1 and 2 on chapter 1, information is very similar to textbook material

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6 Jun 2011
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MGTA01H3 Full Course Notes
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MGTA01H3 Full Course Notes
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Slide 4: a business is an organization; a business is an organized effort to make/produce/supply something or make something available to sell to customers who need/want something in order to make a profit. Slide5: the vast majority of businesses are owned by regular people" and are not huge corporations. (independently owned pizzerias = business = lemonade stand) Businesses exist because customers need/want things and will pay for them. Slide 10: money that comes into a business is called revenue" or sales". Slide 12: the profit of a business is the difference between the money that comes in (revenue) and the money that goes out (expenses). The purpose of the business is to make sure that more money comes in than goes out (so that a profit can be made). Slide 15: the fundamental reason for a business to exist is profit. Not all organizations are businesses (i. e. hospitals, universities, churches). Organizations can provide services without the intent of gaining profit.

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