Textbook Notes (362,897)
Canada (158,081)
MGTA01H3 (583)
Chapter 1

Chapter 1 Management Notes

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University of Toronto Scarborough
Management (MGT)
Chris Bovaird

Business Management: Chapt 1 Business- An organization that produces or sells goods or services in an effort to make a prot. Prot- What remains after a businesss expenses have been subtracted from its revenues. 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. Economic system- The way in which a nation allocates its resources among its citizens. -Differ in terms of who ownscontrols these resources known as factors of production Factors of Production- Basics resources that a countrys businesses use to produce goods and services. Labour- Human resources, mentalphysical capabilities of people. -Knowledgeable employees create real competitive advantage for a company. Capital- The nancial resources needed to operate an enterprise. -Needed throughout operation ( starting a business to expanding it) Entrepreneurs- Individuals who organizes and manages labour, capital, and natural resources to produce goods and services to earn a prot but who also takes risk of failure. Natural Resources- Items used in production of goods and services in their natural state, including land, water, mineral depo
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