Textbook Notes (369,133)
Canada (162,403)
MGTA01H3 (583)
Chapter 1

Chapter 1 Study Notes

2 Pages
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Department
Management (MGT)
Course Code
MGTA01H3
Professor
Chris Bovaird

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Description
MGTA03Chapter1 StudyNotes Definitions: Business: anorganizedeffortwhereaproductserviceisproducedtomeeta demand,andissoldtocustomerclientsforaprofit. Revenue: (alsoreferredtoassales)incomingmoneyfromtheserviceproduct beingsold Expenses: (alsoreferredtoascosts)moneyspenttoproduceproductservice Profit: Themoneyin,oncecostshavebeensubtracted Revenue(sales)Expenses(costs) Loss: Existswhenexpensesaremorethansales Economics: Studyofhowbusinessesmakechoicesregardingwhattoproduce,the bestwaytoproduceit,andthebestwaytodistributethewealth FactorsofProduction: basicbuildingblocksusedtoproduceanything NaturalResources,Labour,Capital,Entrepreneurs EconomicSystems: fancywayofsayingCountry CommandPlannedEconomies:Govtmakesmostdecisions&isincontroloffactorsofproduction MarketEconomies:individualsmakemostchoices&controlfactorsofproduction(Govtdoesntcare) CapitalistEconomies:Individualsownallfactorsandmakealldecisions(noneexisttoday) MixedMarketEconomy:Majorityoffactorsofproductionownedprivatelyandthechoices regardingthemaremadebyindividuals,butGovtdoesinterveneandisinvolvedthroughtaxes PlannedEconomies;
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