MGTA01H3 Chapter 1-2: Chapter 1-2 Notes

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1 Apr 2011
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MGTA01H3 Full Course Notes
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MGTA01H3 Full Course Notes
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Business an organization that seeks to earn profits by providing goods and service. Profit the money that remains (if any) after [revenues - business"s expenses] 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. succeed 1) spot a promising opportunity: develop a good plan for capitalizing on it. the opportunity involves goods or services that consumers want or need. a healthy business climate also contributes directly to our quality of life and standard of living. new forms of technology, service businesses, and international opportunities promise to keep production, consumption, and employment growing indefinitely. business taxes help to support governments at all levels. many businesses support charities and provide community leadership. a variety of economic systems are found around the world, we will first consider how the dominant ones operate.

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