MGTA01H3 Chapter 1: Chapter 1
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MGTA01H3 Full Course Notes
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Document Summary
Business an organization that seeks to earn profits by providing goods and services. Profit the money that remains (if any) after a businesses" expenses are subtracted from its revenues. Expenses the money a business spends producing its goods and services and generally running the business. Revenues the money a business earns selling its products and services. Businesses produce most of the goods and services we consume and employ the majority of working people. Create innovations and provide opportunities for other businesses, which serve as their suppliers. Healthy business climate contributes directly to our quality of life and standard of living. New forms of technology, service businesses, and international opportunities promise to keep production, consumption, and employment growing indefinitely. A major determinant of how organizations operate is the kind of economic system that characterizes the country in which they do business.
