MGTA01H3 Chapter : MGTA03 Ch 1
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MGTA01H3 Full Course Notes
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Document Summary
Business, an organization that seeks to earn profits by providing goods & services. Profit, the money that remains (if any) after a business s expenses are subtracted f/ its revenues. Expenses (costs), the money a business spends producing its goods & services and generally running the business. Revenues (sales), the money a business earns selling its products & services. Most profitable companies of 05 include royal bank of canada, manulife financial & imperial. Economic system, the way in which a nation allocate its resources among its citizens. Factors of production, the resources used to produce goods & services: labour, capital, entrepreneurs, natural resources (possibly information resources) Labour (human resources), the mental & physical training and talents of ppl. Capital, the funds needed to operate an enterprise. Entrepreneur, an individual who organizes & manages labour, capital, natural resources to produce goods & services to earn a profit but who also runs the risk of failure.
