MGTA01H3 Chapter Notes - Chapter 1-7: Underemployment, Lorenz Curve, Gross Domestic Product
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Introducon to Canadian Business
Chapter 1 – What is a Business?
Five Characteriscs Common to All Businesses:
Businesses are “organised eorts”
A business provides things that people need and want
A business must try to sasfy customers needs
A business generates revenue from sales
Businesses try to make a pro!t
oThe Prot Move:
Not For Prot Organisaon:
Public sector organisaon:
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Chapter 2 – Building a Business: The Factors of Producon
Factors of Producon: ,
The Four Factors of Producon:
Natural Resources (i.e. raw materials)
Capital (money and technology)
Entrepreneurship (willingness and the movaon of individuals to start the business)
Natural Resources: !
Labour intensive: ,
Capital intensive: ,
Industrial Revoluon: -.
Factor substuon: 1-.-.
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