Intro to Management .docx

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Department
Management (MGT)
Course
MGTA01H3
Professor
Chris Bovaird
Semester
Fall

Description
MGTA01 Introduction to Management Sept. 4, 2013 “Business” Defined Business  An organized effort  Make or sell something  Sell to customers who need/want something to make profit The $ that comes in: Revenue or Sales Profit- The difference between: $ in (revenue/sales) $ out (cost/expenses) Key reason for a business to exist  Not all organizations are businesses (not for profit organizations) o Provide services but not intended for profit (hospitals, universities churches) Sept. 11, 2013 Main points  Factors of production  Economic systems o Command economies o Market economies  Supply and demand  Degrees of competition Factors of production There are basic building blocks used to produce anything We call those basic building blocks: “factors of production” Natural resources  Raw material found in the ground, grown from the earth, or harvested from nature o Ex: coal, wheat, water, wood, oil Labor MGTA01 Introduction to Management Capital  Money, or the machines and technologies that money can buy o Ex: phones, hammers, tractors software o Entrepreneurs  People who assemble and organize the other factors of production Who controls the factors? Different countries have different approaches to basic economic questions:  Who should own the factors of production?  Who controls the factors of production?  Who decides what should be produced? Economic Systems  Command economies (government) o 2 types  Market economies (individuals) o Mixed market: make regulations, collect tax, runs some business o Pure capitalism: government leaves business alone How market economies work Market: NOT a place A bunch of activities e.g. labor market, housing market Exchanges between buyers and sellers Supply & Demand Law of supply:  Large supply, low price  As supply increases, price drops Law of demand:  Large demand, high price  As demand increases, price rise Not all markets are the same Ability to negotiate a “good” price i.e. low if buyer i.e. high if you are a seller Depends of number of buyers/sellers in market Oligopoly: small number of suppliers All are “large” ex. Canadian banking industry MGTA01 Introduction to Management Sept. 25, 2013 Growing GDP: more people, making more stuff Falling GDP: fewer people, making less stuff (called recession)  Economies should grow Today Measures of economic performance: GDP/capita, productivity, unemployment, inflation Productivity  Compares one thing to another  Reasons why some countries richer than others  Outputs (products/services) / inputs (people, $) Higher productivity produced by: better education, better trained labor More $  better technology More and cheaper natural resources Unemployment Labor is under-used People want a job, cant find one Definition: % of people who are looking for work but can’t find any Inflat
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