MGTA01H3 Chapter Notes - Chapter 1: Enterprise System, Economic System, Human Resources

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bluealpaca238

2 Mar 2011

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MGTA01H3 Full Course Notes

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Business- an organization that produces or sells goods or services in an effort to make. Pro t- what remains after a businesss expenses have been subtracted from its. Revenues- the money a business earns selling its products and services; sales. Expenses- the money a business spends producing its goods and services and generally running the business; costs. revenues. Economic system- the way in which a nation allocates its resources among its citizens. Differ in terms of who owns/controls these resources known as factors of production. Factors of production- basics resources that a countrys businesses use to produce goods and services. Capital- the nancial resources needed to operate an enterprise. Entrepreneurs- individuals who organizes and manages labour, capital, and natural. Knowledgeable employees create real competitive advantage for a company. Needed throughout operation ( starting a business to expanding it) resources to produce goods and services to earn a pro t but who also takes risk of failure.

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16) Which of the following best defines the term business cycle? a) the pattern of short-term ups and downs in an economy the total quantity of goods and services produced by an economic system during a given period the conditions of the economic system in which an organization operates the measure of economic growth that compares how much a system produces with the resources needed to produce it d)

A diversified company's business units exhibit good financial resource fit when

A.the resource requirements of each business exactly match the company's available resources.

B.each business is a cash cow.

C.a company has the resources to adequately support the requirements of its businesses as a group without spreading itself too thin and when individual businesses add to a company's overall strengths. each business is sufficiently profitable to generate an attractive return on invested capital.

D.each business unit produces large internal cash flows over and above what is needed to build and maintain the business.

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32) Which of the following best describes the term gross domestic product? a) total value of all goods and services produced within a given period by a national economy through domestic factors of production total quantity of goods and services produced by an economic system conditions of the economic system in which an organization operates total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located

MGTA01H3 Chapter Notes - Chapter 1: Enterprise System, Economic System, Human Resources

MGTA01H3 Full Course Notes

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