ADMI 201 Chapter 1-10: Administration Notes for Midterm

• School: Concordia University
• Department: Administration
• Course: ADMI 201
• Professor: Lazar Sarna

Document Summary

Business: an organization that produces or sells goods or services in an effort to make a profit. P(cid:396)ofit: (cid:449)hat (cid:396)e(cid:373)ai(cid:374)s afte(cid:396) a (cid:271)usi(cid:374)ess"s e(cid:454)pe(cid:374)ses ha(cid:448)e (cid:271)ee(cid:374) su(cid:271)t(cid:396)a(cid:272)ted f(cid:396)o(cid:373) its revenues. 2011 top 3 companies in terms of profits were all banks: royal bank (5. 2$ billion) 2) toronto dominion bank ( . 6 billion) 3) bank of nova scotia (. 2 billion). Not-for-profit organizations: do not try to make a profit, rather, they use the funds they receive (from government or private grants or the sale of goods or services) to provide services to the public. Example, charities, educational institutions, churches, hospitals, labour unions and government agencies. E(cid:272)o(cid:374)o(cid:373)i(cid:272) s(cid:455)ste(cid:373): allo(cid:272)ates(cid:894)dist(cid:396)i(cid:271)utes(cid:895) a (cid:374)atio(cid:374)"s (cid:396)esou(cid:396)(cid:272)es a(cid:373)o(cid:374)g its (cid:272)itize(cid:374)s. e(cid:272)o(cid:374)o(cid:373)i(cid:272) systems differ in terms of who owns and controls these resources. Fa(cid:272)to(cid:396)s of p(cid:396)odu(cid:272)tio(cid:374): the (cid:271)asi(cid:272) (cid:396)esou(cid:396)(cid:272)es that a (cid:272)ou(cid:374)t(cid:396)(cid:455)"s (cid:271)usi(cid:374)esses use to p(cid:396)odu(cid:272)e goods and services. Four types: labour, capital, entrepreneurs and natural resources.