MGTA01H3 Chapter Notes - Chapter 1: Izzy Asper, Manulife, Canadian Business

• School: UTSC
• Department: Management (MGT)
• Course: MGTA01H3
• Professor: Mc Conkey& Bovaird

Document Summary

Business - organization that strives to earn profit by producing & selling goods/services. Profit - $ remaining (if at all) after subtracting the business"s revenue by the business"s expenses. Are the reward the business owners get for taking risks dealing with investing time & $ Given the business is managed well, the amt can be large. Expenses - aka costs; $ business spends for prod"ing goods & services, and for running the business. Revenue - aka sales; $ earned by business after selling its prod"s & services. Exist for the owners who are free to set them up to earn profits. Must consider the consumer"s demands (ie. want/needs) when going for profits, as they have freedom of choice. => if there is no demand for goods or services that a business offers, then business will not be successful, regardless of how efficient it may be at prod"ing them.