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

Management Chapter One notes.docx

2 Pages
Unlock Document

Management (MGT)
Chris Bovaird

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
More Less

Related notes for MGTA01H3

Log In


Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.