MGTA01H3- Final Exam Guide - Comprehensive Notes for the exam ( 41 pages long!)
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MGTA01H3 Full Course Notes
Verified Note
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Document Summary
An organised effort, to create or provide something that people need and want and will pay for, in order to make profit. Involves one or more people sitting down and planning things. When revenues less than costs, business owners become poorer. Key reason for a business to exist. Hospitals, universities, churches: provide services but are not intended for profit which makes them non-profit organizations nor a business. Profit: the chance for owners to make wealth for themselves - is the income and the intent. Customers pay to get something in return. People give their time energy and money to start a business if there is incentive to do so. Adam smith like the idea (father of "liberalism") Karl marx did not (father of "communism") Liberalism: people will work hard if left alone to provide for themselves and their families. Individuals and nation, will prosper if the government leaves them alone to do so. Author of "the wealth of nations" (1776)
