MGTA01H3 Chapter Notes - Chapter 2: George Weston Limited, Onex Corporation, Exxonmobil
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MGTA01H3 Full Course Notes
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Document Summary
Introduction: how do you make a business? everything is made up of parts. businesses are made up of a small number of fundamental parts. By understanding those parts, the role of each, and how they relate to each other business owners can better control, maintain or improve the business" preformance. Management theorists call the fundamental building blocks of a business the factors of production . Businesses exist to produce the goods and services that people need and want. Factor of production - factors required to produce goods and services. 4 factors of production: natural resources, labor, capital, entrepreneurship. Things we find in nature. resources that grow out of the earth, can be extracted from it (land, water, wood, coal, cotton, oil, wheat) People need and are willing to pay for natural resources. Men have cultivated land, planted seeds, harvested crops, carried their crops to market. Fisherman pushed boats out to sea, sold their catch.
