MGTA01H3 Study Guide - Quiz Guide: Franchising, National Product, Takeover
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MGTA01H3 Full Course Notes
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Business: an organization that seeks to earn profits by providing goods + services. Profit: money that remains after a business"s expenses are subtracted from its revenue. Expenses: money that a business spends producing goods/services and running the business (costs) Revenue: money a business earns selling products/services (sales) Economic system: the way in which a nation allocates its resources among its citizens. Factors of production: the resources used to produce goods and services. Labour: the mental and physical training and talents of people (human resources) Capital: the funds needed to operate an enterprise. Entrepreneur: an individual who organizes and manages labour, capital, and natural resources to produce goods and services to earn a profit. Natural resources: items used in the production of g/s in their natural state including land, water, mineral deposits and trees. Command economy: government controls all or most factors of production and makes all decisions. Market economy: individuals control factors and production decisions.
