Management Midterm Review.docx

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University of Toronto Scarborough
Management (MGT)
Zachariah Campbell

Management Midterm Review October 27, 2011 10/27/2011 12:14:00 PM Ch 1:  Factors of production  Market economy & how it works  Supply & demand  Degrees of competition Ch 2:  Economic growth & consequences  Productivity & efficiency - productivity vs labour productivity: labour = amount produced for labour input, measures how productive workers are, overall productivity = everything  Inflation & unemployment  Measures of economic performance  The structure of the free market Ch 3:  What is small business  Advantages of small business  Success & failure in the small business  Entrepreneurs, taking risks & building the business Ch 4:  Forms of business ownership  Corporations o Owners are shareholders o Limited liability o Directors are legally responsible o Managers actually manage  Advantages & limits of the corporate form  Corporations as a source of value for shareholders  Corporations as market participants Ch 5:  Imports & exports  Balance of trade, balance of payments  Localization o Natural resources o Competitive advantages o Reach larger markets, obtain goods o Trade adds value to both participants  Local disadvantages o More efficient production elsewhere o Lack of resources  Why trade o Value of trade itself o Combat localization o Need for profit in marketplace & to fund corporate growth  Forms of doing business outside
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