MGTA01H3 Chapter Notes - Chapter 2: Spinning Wheel, Spinning Jenny

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

Document Summary

Factors of production: the basic building block that, in combination, are required to make a business , and produce things. Factors of production: natural resources, labour, capital, entrepreneurship. Resources that grow out of the earth or can be extracted from it. Oldest industries in the world farming and fishing. Canada is the world"s 6th largest supplier of wheat and has the second largest supply of oil. An activity that is predominantly dependent on the production or use of natural resources. No business can exist without people. the people who contribute their efforts to a business labour intensive: A business or a process that requires a large amount of labour to produce its goods or services. Money , or the machines and technologies that money can buy. A business or process that requires a large amount of money, machines or technology to produce its goods or services. No business can exist without some combination of labour; natural resources, and capital.