Textbook Notes (368,432)
Canada (161,877)
MGTA01H3 (583)
Chapter 1

Chapter 1 Notes

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Management (MGT)
Chris Bovaird

Ch. 1: Introducing the Contemporary Business World Business: organization seeking to earn profit by providing products (ma y be tangible or service). o Profit: money that remains after a business expenses (money sp ent in production and running the business) are subtracted from its revenue (money earned through sale of products). Economic system: way which nation allocates resources among citizens. Differ in terms of resource ownership and resource control. o These resources are call Factors of Production (5): Labour (human resources) and the skills of a workforce Capital (financial resources) needed to start and run an e nterprise Natural Resources: all physical resources. Information Resources (specialized knowledge): market fo recasts,demographics, help to achieve business goals. Entrepreneurs: accept risks and opportunities; manage al l other factors of production in the firm. Types of Economic systems: o Command Economies (centra
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