MGTA01H3 Chapter Notes -Economic Equilibrium, Oligopoly, Monopolistic Competition

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purplemuskrat144

30 Oct 2012

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MGTA01H3 Full Course Notes

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Business: an organization that seeks to earn profit by providing goods and services. Profit: revenue-expenses=profit, the money that remains after expenses are subtracted from revenue. Expenses: costs , costs of running a business, money that is spend by a business to produce goods and services. Revenues: sales , 20708 that a business earns from selling its products and services. In order to survive, a business must meet a customer"s need either by: identifying an unmet need, finding a better way to satisfying a need. Economic system: the way in which a nation allocates its resources among its citizens. Factors of production: resources used to produce goods and services, 4 traditional factors of production. Mental and physical training and talents of people. For small businesses, a major source of capital is personal investment. A person who organizes and manages labour, capital and natural resources to produce oods and services to earn a profit.

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32) Which of the following best describes the term gross domestic product? a) total value of all goods and services produced within a given period by a national economy through domestic factors of production total quantity of goods and services produced by an economic system conditions of the economic system in which an organization operates total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located

36) Which of the following best describes the term standard of living? a) total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system total quantity of goods and services produced by an economic system the overall quality of life produced by an economic system total value of all goods and services produced by a national economy within a given period, regardless of where the factors of production are located

11) Which of the following best describes the term standard of living? total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system total quantity of goods and services produced by an economic system the overall quality of life produced by an economic system total value of all goods and services produced by a national economy within a given period, regardless of where the factors of production are located

MGTA01H3 Chapter Notes -Economic Equilibrium, Oligopoly, Monopolistic Competition

MGTA01H3 Full Course Notes

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