Textbook Notes (363,452)
Canada (158,372)
MGTA01H3 (583)
Chapter 1

Chapter 1

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University of Toronto Scarborough
Management (MGT)
Chris Bovaird

Business an organization that seeks to earn profits by providing goods and services Profit the money that remains (if any) after a businesses expenses are subtracted from its revenues Expenses the money a business spends producing its goods and services and generally running the business Revenues the money a business earns selling its products and services Businesses produce most of the goods and services we consume and employ the majority of working people. Create innovations and provide opportunities for other businesses, which serve as their suppliers Healthy business climate contributes directly to our quality of life and standard of living New forms of technology, service businesses, and international opportunities promise to keep production, consumption, and employment growing indefinitely Business taxes help to support governments Economic Systems around the World A major determinant of how organizations operate is the kind of economic system that characterizes the country in which they do business Economics the study of how businesses, people make choices about: What things to produceconsume How best to produce things How best to distribute wealth Economic system allocates a nations resources among its citizens Factors of Production The key difference between economic systems is the way they manage factors of production The basic resources that a countrys businesses use to produce goods and services o Labour o Capital o Entrepreneurs o Capital o Natural resources www.notesolution.com
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