MGTA01H3 Study Guide - Midterm Guide: Canada Business Corporations Act, Per Capita Income, Chief Executive Officer
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MGTA01H3 Full Course Notes
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Document Summary
Business: an organization that produces or sells goods or services in an effort to make profit. Profit: what remains after business expenses are subtracted ($ out) from its revenues ($ in). Reward owners for taking risks in investing their time and money. Deficit/loss= is when a business spends more than it gains. Revenue: $ business earns selling its products/ aka sales. Economics: study of how business/ppl make choices about what to produce or consume, how best to produce & how best to distribute wealth. Factors of production economic system: how a nation allocates its resources among citizens. Information resources: info ex economic data that"s useful to a business. Economic systems market: exchange between buyers and sellers. Command or planned economies: government control or own all of the factors of production, therefore they make most or all decisions. Communist economy: government controls 100% of economic decisions, very few ex north korea.
