MGTA01H3 Chapter Notes - Chapter 1: Canadian Business, List Of Universities In Canada, Canadian Broadcasting Corporation
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MGTA01H3 Full Course Notes
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What is a business: business: an organized effort to provide the things that people need and want, and are willing to pay for. A business exists in order to satisfy those customer needs and also to make a profit. Customers: the people who need or want, and are willing to pay for, the things that a business provides. Clients: commonly used to refer to people who use the services of a professional (i. e. lawyer, accountant, etc. : a business generates revenue from sales. Revenue: is the money that flows into a business every time it sells a product or a service to a customer. Revenue can be obtained many ways (credit card, cash, checks, etc. ) The money that a business spends to provide customers with products is called costs or more often. Expenses : businesses try to make a profit. Profit: the positive benefit from running a business (revenue minus expenses)
