MGTA01H3 Chapter Notes - Chapter 1: Sales Tax, Demand Curve

• School: UTSC
• Department: Management (MGT)
• Course: MGTA01H3
• Professor: Ingrid L.Stefanovic

Document Summary

N business is an organization that wants to make a profit through sales. N profit = expenses revenues (profit is a reward for taking risks in investment and time) N a business needs to meet consumer wants and needs to survive. N a person who can identify a opportunity and are able to meet it, will succeed. N business provides variety of needs to society; such as new forms of technology, quality of life, standard of living, stockholders, and support governments. N key diff. between economic systems are they way the factors of productions are managed. Labor (aka human resources) : 1st factor of production, mental and physical capabilities of. Revenue is a key ongoing source of capital. N entrepreneurs: accept opportunities and risks involved in creating/operating a business. N natural resources: items used in their natural state in production of goods/services. Information resources: information like market forecasts and economic data help businesses achieve its goals.