01+-+Intro+to+Cdn+Business

01+-+Intro+to+Cdn+Business - MGTA03 - Intro to Business I -...

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MGTA03 - Intro to Business I - Lecture Notes Week 1   MGTA03 - Introduction to Management Lecture #1 Read: Chapter 1 "Understanding the Canadian Business System" Purpose of this Chapter/Lecture: To set the scene To provide some basic definitions To explain a few key theories 1
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MGTA03 - Intro to Business I - Lecture Notes Week 1 Key points: Business - definition and characteristics Profit/Loss Factors of production natural resources labour capital entrepreneurs Economics - defined and explained Economic systems planned or command economies market economies Markets - defined and explained Types of market or Degrees of Competition perfect competition monopolistic competition oligopoly monopoly 2
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MGTA03 - Intro to Business I - Lecture Notes Week 1 Business an organisation that provides goods or services, to customers, in order to make a profit This is a business: Profit The difference between: $$$ in (revenues or sales) $$$ out (costs or expenses) Example of Profit: Take-away pizza business sells small, plain pizza Revenue (or sales) = $6.00 less Expenses (or costs) = - $5.00 Profit = $1.00 3
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Profit The fundamental reason for a business to exist n.b. Not all organisations are businesses, e.g. hospitals, universities, churches These provide services, but not for profit 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. Examples of unprofitable (loss-making) businesses:
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01+-+Intro+to+Cdn+Business - MGTA03 - Intro to Business I -...

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