MGTA01H3 Chapter Notes - Chapter 1: Economic System, Market Economy

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MGTA01H3 Full Course Notes

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Business an organization that produces or sells goods or services in an effort to make a profit. Revenue the money a business earns selling its product and services. Expenses the money a business spends producing its goods and services and generally running the business. Profit the money that remains (if any) after a business"s expenses are subtracted from its revenue. Business produces most of the good and services we consume. Creates job opportunities and advances our technology and living. Economic system: the way in which a nation allocates its resources among its citizens. It differ in terms of who owns and control these resources, know as factor of productions. Labour labour consist of mental and physical capabilities of people. The more skilled and knowledgeable gives you an advantage in the market. Capital labour and other resources requires capital. Capital is the financial funding or resources of an operating enterprise.

Related Questions

16) Which of the following best defines the term business cycle? a) the pattern of short-term ups and downs in an economy the total quantity of goods and services produced by an economic system during a given period the conditions of the economic system in which an organization operates the measure of economic growth that compares how much a system produces with the resources needed to produce it d)

32) Which of the following best describes the term gross domestic product? a) total value of all goods and services produced within a given period by a national economy through domestic factors of production total quantity of goods and services produced by an economic system conditions of the economic system in which an organization operates total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located

36) Which of the following best describes the term standard of living? a) total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system total quantity of goods and services produced by an economic system the overall quality of life produced by an economic system total value of all goods and services produced by a national economy within a given period, regardless of where the factors of production are located

MGTA01H3 Chapter Notes - Chapter 1: Economic System, Market Economy

MGTA01H3 Full Course Notes

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