MGTA01H3 Chapter 1: MGTA03 – Chapter 1
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MGTA01H3 Full Course Notes
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Mgta03 chapter 1: understanding the canadian business system. The university of toronto is an organization but it is not a business because it is not providing services in order to make a profit. Business is the study of individual organizations, economics is the broad overview of how all organizations operate and choose the best method to make a profit. (an organized effort to supply something to consumers) Profit = the difference between revenues and expenses (p = r e) where revenues exceed expenses. Loss = the difference between revenues and expenses where expenses exceeds revenues. Profit is the main motivation for conducting business. Not all businesses operate in order to earn a profit (i. e. universities, hospitals, not-for-profit organizations) and some businesses regularly incur losses (e. g. air canada, general motors) there were originally only three factors of production considered to exist. people came together in thousands using materials to defeat fascism after wwii (1940s-1960s)
