MGTA05H3 Chapter Notes - Chapter 3: Information Revolution

• School: UTSC
• Department: Management
• Course: MGTA05H3
• Professor: Chris Bovaird

Document Summary

All products and services are made up of part, which are all fundamental pieces of the business. By understanding these you are able to understand and plan the businesses performance. Factors of production: the basic building blacks that, in combination , are required to make a business, and produce things. 4 factors of productions: natural resources, labour, capital, entrepreneurship. Resources that grow out of the earth or can be extracted from it. The oldest industries ever known are farming and fishing, due to the abundance of land and the resources that are available in canada. Canada is still the 6th world"s largest supplier of wheat and 2nd largest in oil. Resources intensive: a business or a process that requires either a large quantity of natural resources, or is particularly dependent up on natural resources. No business is capable of existing without the use of labour and working individuals. Labour: the people who contribute their efforts to a business.