MGTA01H3 Chapter Notes - Chapter 1: Natural Monopoly, Complete Control, Product Differentiation

• School: UTSC
• Department: Management (MGT)
• Course: MGTA01H3
• Professor: Janelle Le Boutillier

Document Summary

Management chapter one: understanding the canadian business system. Business an organization that produces or sells goods or services in an effort to make a profit. Profit the remains after a business"s expenses have been subtracted from its revenues. Profits reward the owners of businesses for taking the risks involved in investing their time and money. The amounts can be large if the business is managed well. In canada"s economic system, businesses exist to earn profits for owners who are free to set them up. Consumers also have the freedom of choice in choosing how to pursue profits, businesses take into account what consumers want or need. Businesses produce most of the goods and services we consume and employ the majority of working people. A major determinant of how organizations operate is the kind of economic system that characterizes the country in which they do business.