MGTA01H3 Lecture Notes - Canadian Business, Kodak, Lemonade Stand

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

Document Summary

Read chapter 1 understanding the canadian business system to page 10. In order to make a profit: ex. Pizza shop, rogers (people need telephone services, internet services & etc), Pizza store this business exists because people may be hungry. Lemonade stand this business exists because people may be thirsty. Customers need and want things and they will pay for them. The money that comes in are called revenue or sales (these two words mean the same thing) The difference between: 22723$ in (revenues or sales, 22723$ out (costs or expenses) Business sells small, plain pizza: revenue (sales) = . 00, less expenses (costs) = -. 00, profit = . 00. Not all organizations are businesses ex. Not a business: uoft does give out scholarships; therefore not making profit. Our university tuition only pays 30% of our actual cost to be in school: churches an organized effort, you don"t have to give them money. Loss; when expenses more than sales: ex.