MGTA01H3- Final Exam Guide - Comprehensive Notes for the exam ( 43 pages long!)
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MGTA01H3 Full Course Notes
Verified Note
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Document Summary
An organized effort, to create or provide something that people want and will pay for in. To create or provide something that people want. Used to refer to ppl who use the services of a professional, e. g. lawyer, architect. Customers need and want things and they will pay for them. Cost of dough, cheese, mushrooms, etc are all costs a business to produce the good/service) Profit : the difference between money in (revenue) and money out (expenses or costs) When revenues that a business generates are not sufficient to cover all of the costs and expenses involved in running the business. Key reason for a business to exist. Uoft"s revenues and expenses ($ in millions) Student fees 1292 in 2016, 1431 in 2017. U of t is a taxpayer-funded public service. A business tries to make a profit, churches and universities do not. People give up their time, energy, and money if there is incentive to do so.
