MGTA01H3 Chapter Notes -Piece Work, Franchising, Electric Light
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MGTA01H3 Full Course Notes
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Document Summary
Business an organization that produces or sells goods or services in order to make a profit. Profit what remains after a business"s expenses have been subtracted from its revenues. Profits reward businesses for taking the risks involved with investing their time & money. Expenses (costs) - the money a business spend producing its goods & services & generally running the business. Revenues (sales) - the money a business earns selling its products & services. In canada"s economic system businesses exist to make a profit for owners who are free to set them up. Someone who can spot a promising opportunity develop a good plan for capitalizing on it can. In choosing how to get profits, businesses must take into account what consumers want or need succeed involves identifying an unmet need or better way of satisfying needs. Businesses produce most of the goods & services we consume & employ majority of the working ppl.
