Textbook Notes (363,519)
Canada (158,391)
MGTA01H3 (583)
Chapter 1

MGTA03 Chapter 1 Notes - GOT A 4.0

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University of Toronto Scarborough
Management (MGT)
Chris Bovaird

MGTA03H3 FLEC 01 Monday September14 2009Chapter 1Understanding the Canadian Business SystemThe Concept of Business and Profit Businessan organization that seeks to earn profits by providing goods and servicesProfitthe money that remains if any after a businesss expenses are subtracted from its revenuesLossexpensesrevenuesExpenses coststhe money a business spends producing its goods and services and generally running the business Revenues salesthe money a business earns selling its products and servicesProfitLossRevenuesalesExpensescostsProfits reward the owners of businesses for taking the risks involved in investing their time and money These amounts can vary depending on their successMost profitable companies of 2005 1 Royal Bank of Canada 33 billion 2 Manulife Financial 32 billion 3 Imperial Oil Ltd 26 billion In Canadas economic system businesses exist to earn profits for owners who are free to set them upWith consumers having freedom of choice businesses must consider what consumers want or need by either finding ummet consumer needs or better ways of satisfying consumer needsNo matter how efficient a business is it won t survive if there is no demand for its goodsservicesBusinesses produce most of the goodsservices we consume and employ the majority of working peopleThey create most new innovations and provide opportunities for other businesses that serve as their suppliers Healthy business climate contributes directly to our quality of life and standard of livingTechnology service businesses and international opportunities promise to keep production consumption and employment growingProfits benefit owners stockholders governments who receive business tax and often charaties
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