MGTA01H3 Chapter Notes - Chapter 2: Barrick Gold, Suncor Energy, Domtar

• School: UTSC
• Department: Management (MGT)
• Course: MGTA01H3
• Professor: Chris Bovaird

Document Summary

Chapter 2: building a business: the factors of. Fundamental building blocks of a business are the factors of production. Factors of production basic building blocks that, in combination, are required to make a business and produce things. Four factors of productions: natural resources, labour, capital, entrepreneurship. Natural resources things found in nature. Resources that grow out of the earth or can be extracted from it (e. g. land, water, wood, coal, oil, wheat) Resource intensive businesses that are predominantly dependent on production or use of natural resources (e. g. suncor energy, domtar and barrick. Labour the people who contribute their efforts to a business; every business requires at least 1 person. Labour intensive a business or a process that requires a large amount of labour to produce its goods or services. Capital money, or machines and technologies that money can buy (ex.