MGTA01H3 Chapter Notes - Chapter 1: Market Economy, Bes, Oligopoly

56 views3 pages

peachsea-lion187

24 Apr 2011

School

Department

Course

Professor

For unlimited access to Textbook Notes, a Class+ subscription is required.

noahrosa0429 and 39878 others unlocked

MGTA01H3 Full Course Notes

Verified Note

14 documents

Document Summary

Business: organization that produces or sells goods/services to make a profit. Profit: the money remained after revenue - expenses = profit. Expenses: the money spend on producing goods and/or running business. Revenues: the money earned when selling goods/services: business profits increase personal incomes & business taxes support government. Economic system: the way a nation allocates its resources among its citizens: economic systems differ in ways of who controls and owns resources. Labour: mental and physical training and talents of people: employees who are well trained is an advantage to a business. Capital: funds needed to operate a business: funds come from personal investment, shares, revenues. Entrepreneurs: one who organizes factors of production to earn a profit (risky) Natural resources: items used to make goods/services from natural states. Information resources: useful information used to help business achieve goals. Command/planned economy: government owns and operates all industries: communism: government owns/controls all of the factors of production, makes almost.

Related Questions

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)

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

36) Which of the following best describes the term standard of living? a) total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system total quantity of goods and services produced by an economic system the overall quality of life produced by an 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: Market Economy, Bes, Oligopoly

MGTA01H3 Full Course Notes

Document Summary

Get access

Related Documents

MGTA01H3 Chapter : MGTA03 Ch 1

MGTA01H3 Chapter 1-9: MGTA03 - Textbook Notes

MGTA01H3 Study Guide - Planned Economy, Economic System, Economic Equilibrium

Related Questions