MGTA01H3 Chapter Notes - Chapter 1: Profit Motive, Small Business, Monopolistic Competition
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MGTA01H3 Full Course Notes
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Document Summary
An organized effort to make or sell something to customers who need or want something in order to make profit. A lot of organizations don"t have profit motive eg family, church, schools. A company"s profit can be used to make more of the product and can invest in research and employ people. Customers, employees, and investors benefit from profit. A person that can plan and offer promising opportunity and being able to follow it through can succeed. Business produces most of the goods and services we consume, employees people, provides business to other businesses. Dependent upon the wealth and living standard of people. Technology, service business and international opportunities promise to keep production, consumption and employment growing. A canadian business is different in many ways through out each country since its dependent on type of economic system in that country. The key difference between the economic systems is the way they manage the factors of production.
