MGTA01H3- Final Exam Guide - Comprehensive Notes for the exam ( 56 pages long!)
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MGTA01H3 Full Course Notes
Verified Note
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Profit- when a revenue is more than the cost: when the revenue is more than the expense, than a business become wealthier, not all organizations are business. Hospitals, universities, religious organizations are organizations: not- for- profit organization: organizations that are not intended to make profit. Intention for the organization: a business tries to make a profit. People start a business with the purpose to provide for the family and are willing to work like rogers. People start a business with the purpose to make a lot of money: adam smith agrees with this idea but karl marx did not agree with the idea of profit motive. This argument has been going on for years. Two of the most famous man in the history of the word: adam smith: Belief that it is okay to make a profit if you work and try hard, no matter the profit (cid:862)li(cid:271)e(cid:396)alis(cid:373)(cid:863) talks a(cid:271)out this i(cid:374) his (cid:271)ook the (cid:862)wealth of natio(cid:374)(cid:863) in 1776.
