Textbook Notes (368,794)
Canada (162,165)
MGTA01H3 (583)
Chapter 1

Management Chapter One notes.docx

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Department
Management (MGT)
Course
MGTA01H3
Professor
Chris Bovaird
Semester
Fall

Description
Management Chapter One notes  Business: an organization that produces or sells goods or services in an effort to make a profit  Profit is revenues that are rewarded to owners of business for their time and money (investment)  Customer demand is required for a business to be sustained  Well managed businesses can earn a lot  Businesses are good for people in general: provides jobs, standard of living, innovations, creates more businesses, support government (business taxes), provide international opportunities, enhance personal incomes  Economic system: the way in which nation uses or puts its resources in its citizens  They are different in that they have different owners and controllers of resources  Factors of Production: The resources used to produce goods and services: labour, capital, entrepreneurs, and natural resources and information resources  Labour: the mental and physical training and talents of people, sometimes called human resources  Capital: The funds needed to operate an enterprises  Entrepreneurs: An individual who organizes and manages labour, capital and natural resources to produce goods and services toe arn a profit, but who also runs the risk of failure  Natural resources: items used in the production of goods and services in their natural state, including land, water, mineral deposits and trees  Information Resources: Information such as market forecasts, economic data, and specialized knowledge of employees that is useful to a business and that helps it achieve its goals  Command economy: an
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