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Chapter 1-7

MGTA01H3 Chapter Notes - Chapter 1-7: Underemployment, Lorenz Curve, Gross Domestic Product


Department
Management (MGT)
Course Code
MGTA01H3
Professor
Chris Bovaird
Chapter
1-7

This preview shows pages 1-2. to view the full 7 pages of the document.
Introducon to Canadian Business
Chapter 1 – What is a Business?
Business: 

Five Characteriscs Common to All Businesses:
Businesses are “organised eorts”
A business provides things that people need and want
A business must try to sasfy customers needs
oCustomers: 
A business generates revenue from sales
oRevenue:  
oExpenses: 
Businesses try to make a pro!t
oProt:!"
oThe Prot Move: 
#$$

oLoss: %&

Not For Prot Organisaon: 

Products: 
Public sector organisaon: 
Goods: '
Services: '

Marxism: ())

Liberalism: *$
+


Only pages 1-2 are available for preview. Some parts have been intentionally blurred.

Chapter 2 – Building a Business: The Factors of Producon
Factors of Producon: ,

The Four Factors of Producon:
Natural Resources (i.e. raw materials)
Labor (people)
Capital (money and technology)
Entrepreneurship (willingness and the movaon of individuals to start the business)
Natural Resources: !
Resource Intensive: 
Labour: 
Labour intensive: ,
Capital: )
Capital intensive: ,

Industrial Revoluon: -.
/0
Factor substuon: 1-.-.
,
Entrepreneurs: 

Enterprise: 2,
Entrepreneurship: 

Theory: 3
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