MGTA01H3- Final Exam Guide - Comprehensive Notes for the exam ( 29 pages long!)

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UTSC
MGTA01H3
FINAL EXAM
STUDY GUIDE
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Sehar Qureshi
MGTA01 Introduction to Business
Lecture 01
Note: The first 30-40 iutes of today’s lecture cosist of oerie ad course outlie
Course Description
Introduction to Business
Role of businesses in Canada what is the role that businesses play in the lives of
Canadians on a day to day basis?
Creation of businesses
Canadian business in the world
The purpose of this course is to give a student not enrolled in a business or management
program an idea about what business is, and what management is
It is an introductory first year course, intended to give an overview of business
Course Overview
What You Will Learn (1)
Features ad harateristis of a usiess
Ra aterial for all usiesses: fators of produtio
How businesses participate in the Canadian economic system
The oept of arkets Markets are the ways in which businesses interact with
customers
We will talk about both competitive, and non-competitive markets in this course
What You Will Learn (2)
Types of competition (perfect, monopolistic, oligopoly, monopoly)
Measuring performance: GDP, GDP growth, GDP per capita, unemployment, etc.
Importance of new and small business
Characteristics of entrepreneurs; people who are motivated to set up and run their own
business
What You Will Learn (3)
Starting a business how does one go about starting their own business?
What You Will Learn (4)
Importance of international business and international trade to Canada
Exports, imports, balance of trade, and barriers to trade
Chapter 1 What is a Business?
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Sehar Qureshi
The purpose of this chapter is to explain to you what a business is
Main Points for Today’s Lecture
Defiitio of usiess
Characteristics of business
Revenues and Expenses
Profit and Loss A business attempts to make profits, sometimes it is not successful, and
endures a loss
The Profit Motive A desire to get rich essentially
Risk and Return
Business Defined
A business is a kind of organization; an organized effort. This means that someone takes
time, one or more people have to think about something, talk about something, spend
some money etc.
A business is an organized effort to deliver, to furnish, to make available, things we call
products, that people need and want
We want shoes (Adidas is a business), we want laptops (Apple is a business), we want
water (Kirkland is a business)
Business is when you have input to produce and deliver things that other people want
and are willing to pay for
Even a lemonade stand selling lemonade for 25 cents a glass is a business, because it is
an organized effort, to sell something to people that they want, for a profit
Business Characteristics
Customers need and want things, and are willing to pay for them
Customers pay, and get something in return, e.g. a pizza or a cup of coffee
The ost of the produt is hat e all epeses i.e. hat it ost the usiess to proide
the product
Business: Definitions
The oe that oes ito a usiess, is alled Reeue
Businesses attempt to generate revenue
Business Profit
The difference between the revenue and the cost/expenses
The definition of profit is when revenue is more than expenses, and that is when the
owner of the business becomes wealthier
People start businesses in order to make money and in order to make themselves rich or
richer
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