MGTA01H3 Chapter Notes - Chapter 1: General Motors, Exxonmobil, Planned Economy
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MGTA01H3 Full Course Notes
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Document Summary
Make a plan, think things through and sell something. Customers people who have needs and wants. Businesses does all this in order to make a profit. Vast majority of business employ 1-3 people at least: profit and loss. Profit is the money that comes in which is the result of successfully selling something. Customers pay and get something in return, they give money and get what they want. Money they invest in purchasing the supplies for their business is the money that comes in costs/expenses . Profit is the difference between the money that comes in and the money that goes out. Businesses exist to have more money at the end than what they started with. Not every organized effort is a business. Non profit organizations gain money through fundraisers, companies who decide to. There are big worthy organizations but do not exist to have more money at the end.
