MGTA01H3 Chapter 1-9: MGTA03 - Textbook Notes
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MGTA01H3 Full Course Notes
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Business an organization that produces or sells goods or services in an. Profit the money that remains (if any) after a business"s expenses are effort to make a profit 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 product and services. Businesses exist to earn profit for owners: businesses need take into account what consumers want or need, no matter how efficient, the business won"t survive if there is no demand for it. Economic systems allocates a nation"s resources among its citizens: differ in terms of who owns and controls these resources. Factors of production basic resources that a country"s businesses use to. Traditionally, focused on 4 factors of production produce goods and services: labour, entrepreneurs, capital, natural resources, information resources are now often included as 5th factor. Labour- mental and physical training and talents of people.
