Detailed Chapter 1 Study Notes Based on Updated Version of Text Book
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Management Readings
Chapter 1
Business: an organization that produces or sells goods or services in an effort to make profits
Profit: money that remains (if any) after you subtract revenue – expenses
Economic system: the way in which a nation allocates its resources among citizens
Factors of production: resources used to produce goods – natural resources, labour, capital,
entrepreneurs and information resources