MGTA01H3 Study Guide - Final Guide: Planned Economy, Sole Proprietorship, Opportunity Cost

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MGTA01H3 Full Course Notes
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MGTA01H3 Full Course Notes
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Business: organized effort to provide things that people need and want and are willing to pay for. Businesses are organized efforts: one or more people must have an idea, put time, thought, and effort into carrying out idea. Business provides things that people need and want. Business must try to satisfy customer needs: customers: people who need or want and willing to pay for the things that a business provides, a. k. a. Most commonly used to refer to people who use the services of a. Business generates revenue from sales professional: revenue: money that flows into a business every time it sells a product or a service to a customer, expenses: money that business spends to provide customers with products. Not-for-profit organizations: provides products or services, and may collect revenue, but is not intended to make a profit. Product: things that result from human or mechanical effort or as the result of a natural process.