Textbook Notes (367,778)
Canada (161,391)
MGTA01H3 (583)
Chapter

MGTA03 Ch 1

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Department
Management (MGT)
Course
MGTA01H3
Professor
Chris Bovaird
Semester
Winter

Description
MGTA03 Ch 1 Business an organization that seeks to earn profits by providing goodsservices Profit the money that remains if any after a businesss expenses are subtracted f its revenuesExpenses costs the money a business spends producing its goodsservices and generally running the business Revenues sales the money a business earns selling its productsservicesMost profitable companies of 05 include Royal Bank of Canada Manulife FinancialImperial Oil LtdEconomic system the way in which a nation allocate its resources among its citizensFactors of production the resources used to produce goodsservices labour capital entrepreneurs natural resources possibly information resourcesLabour human resources the mentalphysical training and talents of ppl Capital the funds needed to operate an enterprise Entrepreneur an individual who organizesmanages labour capital natural resources to produce goodsservices to earn a profit but who also runs the risk of failure James Kimsey AOLNatural resources items used in the production of goodsservices in their natural state including land water mineral deposits treesall physical resourcesInformation resources info such as market forecasts economic dataspecialized knowledge of employees thats useful to a businessthat helps it achieve its goals Nontangible goods online services Command economy an economic system in which govt controls all or most factors of productionpr
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