MGTA01H3 Chapter 1: Chapter 1
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MGTA01H3 Full Course Notes
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Document Summary
Since consumers have freedom of choice, businesses must take into account what they want or need so there is a demand for those products. Someone who can spot a promising opportunity and then develop a good plan for capitalizing on it can succeed. A major determinant of how organizations operate is the kind of economic system that characterizes the country in which they do business. Factors of production include labour, capital, entrepreneurs, natural resources and information resources. Investments can come from individual entrepreneurs, from partners who start businesses together or from investors who buy stock. Revenue is a key and ongoing source of capital once a business has opened its doors. Natural resources: newer perspectives tend to broaden the idea of natural resources to include all physical resources by including things like imperial oil. Things businesses do wither result in either the creation of new information or the repackaging of the existing information of new users and different audiences.
