MGTA01H3 Chapter 1: Study Guide to Chapter 1
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MGTA01H3 Full Course Notes
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Document Summary
Also referred to as costs : revenues: the money a business earns selling its products and services. Each country manages the factors of production differently: 1. people who work for a company sometimes called human resources. the mental and physical capability of people. labor forces require may ranges of skilled workers. well trained workers are a competitive advantage to companies: 2. the financial resources needed to operate an enterprise- to run operations, start business, keep it running and growing. sources: for small business, personal investments from owners, partners, entrepreneurs, investors who buy stocks. once a business has started, revenue is a key source of capital: 3. an individual who organizes and manages labor, capital and natural resources to produce goods and services to earn a profit but who also run the risk of failure: 4. I tems used in the production of goods and services in the natural state.
