Textbook Notes (362,796)
Canada (158,054)
MGTA01H3 (583)
Chapter 1

MGTA03 – Chapter 1

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University of Toronto Scarborough
Management (MGT)
Chris Bovaird

20090914 MGTA03 Chapter 1: Understanding the Canadian Business System The University of Toronto is an organization but it is not a business because it is not providing services in order to make a profit Economics: What are we going to make and how are we going to make it? What is the best way to produce these things? If we make, sell, or provide, the right products and services, how do we distribute the wealth? Business is the study of individual organizations, economics is the broad overview of how all organizations operate and choose the best method to make a profit. (An organized effort to supply something to consumers) Profit = the difference between Revenues and Expenses (P = R E) where Revenues exceed Expenses Loss = the difference between Revenues and Expenses where Expenses exceeds Revenues Profit is the main motivation for conducting business Not all businesses operate in order to earn a profit (i.e. universities, hospitals, not-for-profit organizations) and some businesses regularly incur losses (e.g. Air Canada, General Motors) Factors of production: the basic theoretical and fundamental ingredients of any business Natural resources that come from the Earth in some form or another (i.e. cotton, oil, leather) Labour provided by workers (
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