MGTA01H3 Chapter Notes - Chapter 1: Enterprise System, Economic System, Human Resources

66 views3 pages
2 Mar 2011
School
Course
Professor
Shanghaibalcony1234 and 37719 others unlocked
MGTA01H3 Full Course Notes
14
MGTA01H3 Full Course Notes
Verified Note
14 documents

Document Summary

Business- an organization that produces or sells goods or services in an effort to make. Pro t- what remains after a businesss expenses have been subtracted from its. Revenues- the money a business earns selling its products and services; sales. Expenses- the money a business spends producing its goods and services and generally running the business; costs. revenues. Economic system- the way in which a nation allocates its resources among its citizens. Differ in terms of who owns/controls these resources known as factors of production. Factors of production- basics resources that a countrys businesses use to produce goods and services. Capital- the nancial resources needed to operate an enterprise. Entrepreneurs- individuals who organizes and manages labour, capital, and natural. Knowledgeable employees create real competitive advantage for a company. Needed throughout operation ( starting a business to expanding it) resources to produce goods and services to earn a pro t but who also takes risk of failure.

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers

Related Documents

Related Questions