MGTA01H3 Chapter Notes - Chapter 2: Canadian Business

• School: UTSC
• Department: Management
• Course: MGTA01H3
• Professor: Chris Bovaird

Document Summary

Mgta01 lecture 2 building a business: factors of production. Resources: (all notes compiled from lecture 2 slides and introduction to canadian business by. They are the basic building blocks required to make a business and produce things. They help to better manage, improve performance and increase levels of success in a business. The factors of production is a theory set in place for businesses: natural resources: What is found in nature that is extracted from the earth or can be extracted through physical means. People need them are willing to pay for such resources. Examples of natural resources include: water, coal, natural gas, and iron to name a few. Businesses can be resource intensive: meaning businesses that are predominantly dependent on the production or use of natural resources: labour: Labour includes the people who invest their effort into a business.