Textbook Notes (378,525)
CA (167,148)
UTSC (19,212)
MGT (1,095)
MGTA01H3 (583)
Chapter 1

BUSINESS CUSTOM 2/E VOL. 1 Chapter 1 Readings (very detailed and helpful)

4 Pages
191 Views

Department
Management (MGT)
Course Code
MGTA01H3
Professor
Chris Bovaird

This preview shows page 1. Sign up to view the full 4 pages of the document.
Chapter 1: Understanding the Canadian Business System
The concept of business and profit
Business: An organization that seeks to earn profits by providing goods and services
Profit: The money that remains (if any) after a businesss expenses subtracted from its
revenues
Expenses: The money a business spends producing its goods and services and generally
running the business. Also referred to ascosts
Revenues: The money a business earns selling its products and services. Also referred to
assales
No matter how efficient a business is, it wont survive if there is no demand for its goods
and services
Someone who can spot a promising opportunity and then develop a good plan for
capitalizing on it can succeed
Economic systems around the world
Economic system: The way in which a nation allocated its recourse among its citizens
Factors of production: The resources used to produce foods and services such as labour,
capital, entrepreneurs, and natural resources
oLabour: The mental and physical training and talents of people; sometimes called human
resources
Employees who are well trained and knowledgeable can be a real competitive
advantage for a company
oCapital: The funds needed to operate an enterprise
Major sources of capital for small businesses is personal investment by owners
Investments come fromindividual entrepreneurs, partners who start biz together,
or from investors who buy stock
oEntrepreneur: An individual who organizes and manages labour, capital, and natural
resources to produce goods and services to earn a profit, but who also runs the risk of
failure
oNatural resources: Items used in the production of goods and services in their natural
state, including land, water, mineral deposits, and trees
oInformation resources (not so important): Information such as market forecasts,
economic data, and specialized knowledge of employees that is useful to a business and
that helps it achieve its goals
Types of Economic Systems
Command economies: An economic system in which government controls all or most
factors of production and makes all or most production decisions
oCommunism: A type of command economy in which the government owns and operates
all industries
www.notesolution.com

Loved by over 2.2 million students

Over 90% improved by at least one letter grade.

Leah — University of Toronto

OneClass has been such a huge help in my studies at UofT especially since I am a transfer student. OneClass is the study buddy I never had before and definitely gives me the extra push to get from a B to an A!

Leah — University of Toronto
Saarim — University of Michigan

Balancing social life With academics can be difficult, that is why I'm so glad that OneClass is out there where I can find the top notes for all of my classes. Now I can be the all-star student I want to be.

Saarim — University of Michigan
Jenna — University of Wisconsin

As a college student living on a college budget, I love how easy it is to earn gift cards just by submitting my notes.

Jenna — University of Wisconsin
Anne — University of California

OneClass has allowed me to catch up with my most difficult course! #lifesaver

Anne — University of California
Description
Chapter 1: Understanding the Canadian Business System The concept of business and profit Business: An organization that seeks to earn profits by providing goods and services Profit: The money that remains (if any) after a businesss expenses subtracted from its revenues Expenses: The money a business spends producing its goods and services and generally running the business. Also referred to as costs Revenues: The money a business earns selling its products and services. Also referred to as sales No matter how efficient a business is, it wont survive if there is no demand for its goods and services Someone who can spot a promising opportunity and then develop a good plan for capitalizing on it can succeed Economic systems around the world Economic system: The way in which a nation allocated its recourse among its citizens Factors of production: The resources used to produce foods and services such as labour, capital, entrepreneurs, and natural resources o Labour: The mental and physical training and talents of people; sometimes called human resources Employees who are well trained and knowledgeable can be a real competitive advantage for a company o Capital: The funds needed to operate an enterprise Major sources of capital for small businesses is personal investment by owners Investments come fromindividual entrepreneurs, partners who start biz together, or from investors who buy stock o Entrepreneur: An individual who organizes and manages labour, capital, and natural resources to produce goods and services to earn a profit, but who also runs the risk of failure o Natural resources: Items used in the production of goods and services in their natural state, including land, water, mineral deposits, and trees o Information resources (not so important): Information such as market forecasts, economic data, and specialized knowledge of employees that is useful to a business and that helps it achieve its goals Types of Economic Systems Command economies: An economic system in which government controls all or most factors of production and makes all or most production decisions o Communism: A type of command economy in which the government owns and operates all industries www.notesolution.com
More Less
Unlock Document


Only page 1 are available for preview. Some parts have been intentionally blurred.

Unlock Document
You're Reading a Preview

Unlock to view full version

Unlock Document

Log In


OR

Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit