Textbook Notes (363,065)
Canada (158,171)
MGTA01H3 (583)
Chapter 1

Chapter 1 notes (What I used to study for midterm)

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University of Toronto Scarborough
Management (MGT)
Chris Bovaird

Chapter 1 Business: An organization that seeks to earn profit by providing a good or a service Profit: The money that remains after a businesss expenses are subtracted from its revenues Expenses: The money a business spends producing its goodservice and generally while running the business Revenue: The money a business earns sellings its productservice Economic System: the way in which a nation allocates its resources among the citizens Factors of Production: the resources used to produce goods and services 1) Labour: the mental and physical training and talents of people; human resources 2) Capital: the funds needed to operate an enterprise 3) Entrepreneurs: individuals who organize and manage labour, capital and natural resources to produce goods 4) Natural resources: items used in the production of good and services in the natural state 5) Information resources: information such as market forecasts, economic data and specializ
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