MGTA01H3 Chapter Midterm and Final Notes: MGTA01 Notes (Textbook - Midterm + Final)
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MGTA01H3 Full Course Notes
Verified Note
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Document Summary
Chapter 1: what is a business: customer expects something in revenue when, business: an organized effort to provide the things that people need and want, and are willing to pay for. A business exists in order to satisfy those customer needs and also to make a profit. Businesses versus not for profit professional: people only start a business because they think. It isn"t how the business receives money the issue is whether the product is worth paying for time, energy, and effort. Canadian heritage: 2012 canadian government raised billion dollars, half the total came from personal income tax, 30 came from corporate income tax, and 28 came from service taxes from businesses. And want: fundamental question for figuring our why businesses exist. The profit motive a virtue or a vice: businesses try to make people happy and try to make a profit. Wealth of nations: attempted to study development of of industry and commerce in europe.
