MGMT 1281 Lecture Notes - Lecture 1: Canadian Business, Root Mean Square, Takers
15 Jun 2018
School
Department
Course
Professor
Wednesday Sep 9
Intro to Business Management
Chapter 1: Understanding the Canadian Business System
What is Business?
> Business produce or sell product in order to make profit.
> Profit = Revenue - Expenses
> Non Profit = Provide goods and services but do not seek profit.
The Factors of Production > Resources used by firms to create goods and services
1. Natural > comes out of the earth
NS natural resource is lumber/wood
2. Capital > money, investments, how much money out there to start a business.
3. Human Resources > Labour
4. Entrepreneurs > bring competition, risk takers, self employed
5. Information Resources > Knowledge
Communism
> everything is controlled by the government.
ex. Korea, China, Russia, Cuba (DICTATORSHIP)
Socialism
> government owns & operates critical industries.
> utilities and major institutions
> individuals own non-critical (don’t effect government GDP)
Market Economies
> supply and demand
> political basis is capitalism
> freedom of choice
> capitalism: encourages entepruners
Canada
> market economy
> buyers decide
> government has some control
The government can be considered a customer:
> toilet paper (government contract)
> Nova Scotia owns 6 resorts
> government owned: Canada post competes with smaller companies
> government regulates: CRTC regulates advertisements, alcohol, cigarettes.
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
> business produce or sell product in order to make pro t. > non pro t = provide goods and services but do not seek pro t. The factors of production > resources used by rms to create goods and services: natural > comes out of the earth. Ns natural resource is lumber/wood: capital > money, investments, how much money out there to start a business, human resources > labour, entrepreneurs > bring competition, risk takers, self employed. > everything is controlled by the government. ex. > individuals own non-critical (don"t effect government gdp) > government owned: canada post competes with smaller companies.
