Chapter 1 Study Guide and Review Notes

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University of Toronto Scarborough
Management (MGT)
Ingrid L.Stefanovic

Introduction to Management CHAPTER 1- The Concept of Business and Profit N Business is an organization that wants to make a profit through sales N Profit = Expenses revenues (profit is a reward for taking risks in investment and time) N A business needs to meet consumer wants and needs to survive N A person who can identify a opportunity and are able to meet it, will succeed N Business provides variety of needs to society; such as new forms of technology, quality of life, standard of living, stockholders, and support governments. Economic Systems around the World N .4342L.88902,OO4.,908,3,9L438resources among its citizens Factors of Production N Key diff. between economic systems are they way the factors of productions are managed N Labor (aka Human Resources) : 1 factor of production, mental and physical capabilities of people N Capital: financial resources required to operate. Major source of capital is personal investments. * Revenue is a key ongoing source of capital N Entrepreneurs: Accept opportunities and risks involved in creatingoperating a business. N Natural Resources: Items used in their natural state in production of goodsservices N Information Resources: Information like market forecasts and economic data help businesses achieve its goals. Types of Economic Systems N Economic systems manage the factors of production N Command Economies (Proposed by Karl Marx* ): 1 N Two mos
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