MGTA01H3 Chapter 1: Chapter 1

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MGTA01H3 Full Course Notes
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Business: an organized effort to provide goods or services, to customers, in order to make a profit. Profit: the money that remains after a business"s expenses are subtracted from its revenues. Profit is the fundamental reason for a business to exist. They provide services, but not for a profit. Loss: when expenses are greater than revenues. (it cost more money to produce the products and run the business, than the business can generate through sales. ) Economics: the study of how businesses and people make choices about: what things to produce/consume, how best to produce things, how best to distribute wealth. The basic economic theory states that there are basic building blocks used to produce anything, we call those building blocks factors of production. : natural resources raw materials found in ground, grown from earth, or harvested from nature. Examples include: coal, wheat, water, wood: labour human beings, example workers, capital money, or machines and technologies that money can buy.

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