MGTA01H3 Chapter 1-5: Management Definitions CH. 1-5.docx

• School: UTSC
• Department: Management (MGT)
• Course: MGTA01H3
• Professor: Chris Bovaird

Document Summary

Business: an organization that seeks to earn profits by providing goods and services. Capital: the funds needed to operate an enterprise. Capitalism: a kind of market economy offering private ownership of the factors of production and of profits from business activity. Command economy: an economic system in which government controls all or most factors of production and makes all or most production decisions. Communism: a type of command economy in which the government owns and operates all industries. Competition: the vying among businesses in a particular market or industry to best satisfy consumer demands and earn profits. Demand: the willingness and ability of buyers to purchase a product or service. Demand and supply schedule: assessment of relationships between different levels of demand and supply at different price levels. Demand curve: graph showing how many units of a product will be demanded (bought) at different prices. Deregulation: a reduction in the number of laws affecting business activity.