MGTA01H3 Chapter Notes - Chapter 1: Canadian Transport Commission, Canadian Business, Mark Zuckerberg

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

Document Summary

Chapter 1 understanding the canadian business system. Business an organization that produces or sells goods or services in order to make a profit. Profit the money that remains after, if any after a business"s expenses are subtracted from its revenues. Expenses the money a business spends producing its goods and services and generally running the business. Revenues the money a business earns selling its products and services. Define the nature of canadian businesses and identify its main goals. The prospect of earning profits encourages individuals and organizations to open and expand businesses. The benefit of business activities also extend to wages paid to workers and to taxes that support government functions. Economic system the way in which a nation allocated its resources among its citizens. They differ in terms of who owns and controls these resources, known as the factors of production".