Chapter 1 notes (What I used to study for midterm)
3
Pages
89
Views
Department
Management (MGT)
Course Code
MGTA01H3
Professor
Chris Bovaird
Chapter 1
Business: An organization that seeks to earn profit by providing a good or a service
Profit: The money that remains after a business’s expenses are subtracted from its revenues
Expenses: The money a business spends producing its good/service and generally while running
the business
Revenue: The money a business earns selling’s its product/service
Economic System: the way in which a nation allocates its resources among the citizens
Factors of Production: the resources used to produce goods and services
1) Labour: the mental and physical training and talents of people; human resources
2) Capital: the funds needed to operate an enterprise
3) Entrepreneurs: individuals who organize and manage labour, capital and natural resources
to produce goods
4) Natural resources: items used in the production of good and services in the natural state
5) Information resources: information such as market forecasts, economic data and
specialized knowledge of employees that helps achieves goals
Types of economics systems:
Command economy: an economics system in which government controls all or most factors of
production and make all or most economics decisions
Communism: economy which government controls all industries
Socialism: economy where government owns major businesses but smaller ones are privately
owned
Market economies: an economic system in which individuals control all or most jobs and make
all/most economic decisions
Market: a mechanism for exchange between the buyers ad sellers of a particular good or service
Capitalism: market economy offering private ownerships of the factors of production and of
profits from business activity
Mixed market economy: economic system with elements of both a command economy and a
market economy – typical of most nations
Privatization: the transfer of activities from the government to the public sector
www.notesolution.com
Loved by over 2.2 million students
Over 90% improved by at least one letter grade.
OneClass has been such a huge help in my studies at UofT especially since I am a transfer student. OneClass is the study buddy I never had before and definitely gives me the extra push to get from a B to an A!
Leah — University of Toronto
Balancing social life With academics can be difficult, that is why I'm so glad that OneClass is out there where I can find the top notes for all of my classes. Now I can be the all-star student I want to be.
Saarim — University of Michigan
As a college student living on a college budget, I love how easy it is to earn gift cards just by submitting my notes.
Jenna — University of Wisconsin
OneClass has allowed me to catch up with my most difficult course! #lifesaver
Anne — University of California
