MGTA02H3 Chapter Notes - Chapter 1: Canadian Business, Monopolistic Competition, Gross Domestic Product

• School: UTSC
• Department: Management (MGT)
• Course: MGTA02H3
• Professor: Chris Bovaird

Document Summary

Chapter 1: understanding the canadian business system: the concept of business and profit. Business: an organization that produces and/or sells goods or services in an effort to make a profit. : mental and physical labour of people, a wide. Economic system: the way a nation allocates its resources among its citizens; differs in unions, who owns and controls the resources [fop] Factors of productions: resources used to produce goods and services variety of skilled people to keep the company up. Information resources as market forecasts, economic data and specialized. : an individual who organizes and: natural resources. : items used in the production of: entrepreneurs. : (not a big role) information such knowledge of employees that are useful to help achieve goals. Types of economic systems: different types of economic systems manage the fop in different ways; privately and publicly owned; the way that decisions are made about productions and allocations.