MGTA01H3 Chapter 1: Thorough notes for Chapter One of Business, Vol. 1, 2e

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15 Jun 2011
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MGTA01H3 Full Course Notes
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Mgta03 business, volume 1: griffin, r. ebert, f. starke. Chapter 1 understanding the canadian business system. a business is an organization that produces/sells goods or services in an effort to make a profit. (profit = revenues expenses) what consumers want/need is important for business owners to take into account because without the demand for their good/service their business will not survive (no matter how efficient) someone who sees a promising opportunity (which always involves goods/services that consumers need/want) and develops a good plan for capitalizing on it will be able to succeed as a business. new forms of technology, service businesses, and international opportunities keep production, consumption, and employment growing. an economic system is the way in which a nation allocates its resources among its citizens. major determinant of how organizations operate: type of economic system that characterizes the country that they do business in.

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