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MGTA01H3 (583)

A+ Notes: MGTA03 Ch 1-2

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Management (MGT)
Chris Bovaird

businessorgn that produces or sells GS for a profitdef of profit expenses costs revenuesprofit is fundamental reason for business to existloss when lack of rev or too high expensesnonprofit orgnsurplus dep on motive doesnt make anyone richeconomicsstudy of how businesses ppl make choices aboutwhat howfor whom to produce GSeconomic systemway of resource allocationcommand N Korea socialist Cuba mixed market Can marketsocialisminefficient govt enterprises high taxes to support public welfare systemsmixedtrend towards privatization deregulationfactors of production 5labour capital natural resources entrepreneur info resourcesmarketexchanges bw buyers and sellers not physical placelaw of demandsupply equilibrium price surplusshortagegovt influence on business 51 as competitor2 as customer3 as regulatorprotect competition consumers enviroachieve social goals4 as taxation agent revenue vs restrictive progressive vs regressive5 as provider of incentives 6 provider of essential servicesprivate enterprise systemallows indiv persuade of interest w min govt interferenceprivate property rights freedom of choice profits competitiondegrees of competition
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