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MGTA01H3 (583)
Chapter 1-5

Management Definitions CH. 1-5.docx

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University of Toronto Scarborough
Management (MGT)
Chris Bovaird

Management definitions Chapters 15 Chapter 1 Business an organization that seeks to earn profits by providing goods and services Capital the funds needed to operate an enterprise Capitalism a kind of market economy offering private ownership of the factors of production and of profits from business activity Command economy an economic system in which government controls all or most factors of production and makes all or most production decisionsCommunism a type of command economy in which the government owns and operates all industriesCompetition the vying among businesses in a particular market or industry to best satisfy consumer demands and earn profitsDemand The willingness and ability of buyers to purchase a product or service Demand and supply schedule Assessment of relationships between different levels of demand and supply at different price levelsDemand curve Graph showing how many units of a product will be demanded bought at different pricesDeregulation a reduction in the number of laws affecting business activity Economic system the way in which a nation allocates its resources among its citizensEntrepreneur an individual who organizes and manages labour capital and natural resources to produce goods and services to earn a profit but who also runs the risk of failureExpenses The money a business spends producing its goods and services and generally running the businessFactors of production the resources used to produce goods and services labour capital entrepreneurs and natural resourcesInformation resources Information such as market forecasts economic data and specialised knowledge of employees that is useful to a business and that helps it achieve its goals Labour human resources The mental and physical training and talents of people
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