MGTA01H3 Chapter 1: Chapter 1 notes (What I used to study for midterm)
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MGTA01H3 Full Course Notes
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Document Summary
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. Command economy: an economics system in which government controls all or most factors of production and make all or most economics decisions. 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.
