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University of Toronto Scarborough
Management (MGT)
Chris Bovaird

Chapter 1 Business- An organization that seeks to earn profits by providing goods and services Profit- The money that remains after a business subtracts its assets by its expenses Economic system- the way in which a nation allocates its resources among its citizens Factors of Production- the resources used to produce goods and services: labour, capital, entrepreneurs, and natural resources Labour- the mental and physical training and talents of people; sometimes called human resources Capital- the funds needed to operate a enterprise Factors of production There are four main factors of production that help a business run: labour, capital, entrepreneurs and natural resources. Labour Mental and physical work people carry out to certain work parts of a business Capital The financial resources needed to operate an enterprise, you need financial support to start a business and to keep it up and running Entrepreneurs An individual who organizes and manages labour, capital, and natural resources to produce goods and natural resources to produce goods and services to earn a profit, but who also ruins the risk of failure. Natural resources Items used in the production of goods and services in their natural state, including land, water, mineral deposits, and trees Sometimes there is an extra one which is information resources Information Resources
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