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Canada (162,172)
MGTA01H3 (583)
Chapter 1

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Management (MGT)
Chris Bovaird

MGTA01 Chapter 1 Notes: Business – an organization that produces or sells goods or services in an effort to make a profit. Revenue – The money a business earns selling its product and services. Expenses – The money a business spends producing its goods and services and generally running the business. Profit – The money that remains (if any) after a business’s expenses are subtracted from its revenue. - Business produces most of the good and services we consume. Creates job opportunities and advances our technology and living. Economic system: the way in which a nation allocates its resources among its citizens. It differ in terms of who owns and control these resources, know as factor of productions. Factors of Production: The resources uses to produces good: Labour – Labour consist of mental and physical capabilities of people. The more skilled and knowledgeable gives you
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