MGTA01H3 Chapter Notes - Chapter 1: Stainless Steel, Natural Monopoly, Tibet

• School: UTSC
• Department: Management (MGT)
• Course: MGTA01H3
• Professor: Mc Conkey& Bovaird

Document Summary

Busn - organization that strives to earn profit by producing & selling goods/services. Profit - money remaining (if at all) after subtracting the business"s revenue by the business"s expenses. Example: rbc - . 3bil; manulife financial - . 2bil; imperial oil ltd - . 6bil. Ie. can choose to buy or not buy. Are the reward the business owners get for taking risks dealing with investing time & money. Given the business is managed well, the amount can be large. Expenses - aka costs; money the business spends for producing goods & services, and for running the business. Revenue - aka sales; money earned by business after selling its products & services. Exist for the owners who are free to set them up to earn profits. Must consider the consumer"s demands (ie. want/needs) when going for profits, as they have freedom of choice.