MGTA01H3 Lecture Notes - Planned Economy, Izzy Asper, Jim Kimsey
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MGTA01H3 Full Course Notes
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Business: an organization that produces/sells goods or services in an effort to make a profit. Profit: the money that remains (if any) after a business"s expenses are subtracted from its revenues (p=r-e: reward business owners for taking time & money risks, among most profitable rbc, manulife financial, imperial oil ltd. Expenses: the money a business spends producing its goods & services & generally running the business, costs . Revenues: the money a business earns selling its products & services, sales . Businesses exist to earn profits for owners who are free to set them up: businesses must consider what consumers want/need when wanting to make profits, need a demand for its services. Spot a promising opportunity & develop a good plan for capitalizing on it. Healthy business climate = good standard of living. Economic systems help determine how an organization operates.