MGTA05H3 Chapter Notes - Chapter 3: Barrick Gold, Suncor Energy, Domtar
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MGTA05H3 Full Course Notes
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Chapter 3: building a business- the factors of. There are basic building blocks used to produce anything. In business these are called: factors of production. Understanding how these factors relate to each other business owners can better control, maintain and improve the functioning of the business. Any particular factor intensive business- means, that particular"s business"s key input is that factor of production. There are 4 factors of production, but a fifth one has been added in the early. These are: natural resources- an input for every business. Raw materials found in the ground, grown from earth or harvested from nature. Resource intensive: businesses who rely pre-dominantly on natural resources for processes or sale. Examples of resource intensive businesses: apple farms, oil. Canada has the world"s biggest resource intensive companies: Suncor energy (extracts oil in alberta), domtar (largest paper company), The abundance of these resources attracted the europeans to settle in canada: labor- an essential input into business.
