MGTA01H3 Chapter Notes - Chapter 1: Planned Economy, Economic System, Canadian Business
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MGTA01H3 Full Course Notes
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Defining the nature of canadian business and its main goals. Business: an organization that seeks to earn profits by providing goals and services. Profit: the money that remains (if any) after a business"s expenses are subtracted from its revenues. Loss: when expenses are greater than revenues i. e. it costs more money to produce the products and run the business, than the business can generate through sales. Expenses: the money a business spends to produce its goods and services and run the business. (= costs) Revenues: the money a business earns by selling its products and services. (= sales) *profit rewards the owners of business for taking the risks involved in investing their time and money. Business is linked to customer needs and wants. Different types of global economic systems (input/output markets to factors of production) The way in which a nation allocates its resources among its citizens.
