MGTA01H3 Chapter Notes - Chapter 1: Product Differentiation, Monopolistic Competition, Complete Control

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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 services. Profit what remains (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. Profit rewards business owners for taking risks that are involved in investing their time and money in businesses. If a business is managed well, these amounts can become very large. In canada"s economic system, businesses exist to earn profits for owners who are free to set them up. To better pursue profits, businesses must take into account what consumers want or need because consumers have freedom of choice. Businesses survive off of the demand for their goods. It does not matter how efficient a business is, if there is no demand for its goods, the business will not survive.

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