MGTA01H3 Lecture : Chapter 1
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MGTA01H3 Full Course Notes
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Document Summary
Business j an organization that seeks to earn profits by providing goods and services. zz kzl kz of who owns and controls these resources, known as . Factors of production j labour, capital, entrepreneurs, and natural resources (information resources) Labour j is the mental and physical capabilities of people. Capital j the financial resources needed to operate an enterprise. Entrepreneurs j the people who accept the opportunities and risk involved in creating and operating businesses. Natural resources j items used in the production of goods and services in their natural state. Information resources j information such as market forecasts, economic data, and specialized knowledge of employees that is useful to a business and that helps it achieve its goal. Types of economic systems j command and market economies. Command economy j an economic system in which government controls all or most factors of production and makes most or all of the production decisions.
