[BUS 201] - Midterm Exam Guide - Comprehensive Notes for the exam (23 pages long!)

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 201
• Professor: Zorana Svedic

Document Summary

Businesses produce or sell products in order to make a profit. Non-profit organizations: provides goods and service but does not seek profit. Factors of productions: resources used to produce goods and services: capital, labour, natural resources, information, entrepreneurs. Socialism: government owns and operates main industries, private companies operate less crucial ones. Mixed economy: has some aspects of command and free-market economy, most common. Regulator: promoting competition, protecting consumers and achieving social goals taxation agent: revenue taxes to fund various services and programs, progressive, regressive and restrictive taxes. Private enterprise: economic system characterized by private property rights, freedom of choice, profits and competition. When faced with an ethical dilemma, two factors affect your decision: your basic ethical structure which you developed in childhood, the circumstances of the situation. Everyone develops his/her own code of ethics . Managerial ethics: standards of behavior that guide individual managers in their work. Conflict of interest: activity benefits employee at the expense of employer.