BUS 201 Lecture Notes - Lecture 1: Canadian Business, Economic System, Liquid Oxygen
18 Dec 2015
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Bus 201: chapter one - understanding the canadian business system. Business: an organization that produces of sells goods or services in. Profit: what remains after a business"s expenses are subtracted from an effort to make a profit its sales revenues. Not for profit organization: use funds they generate from government grants or the sale of goods and services to public. Managers should pay attention to (1) actions of competitors, (2) rapid technological change, (3) new product development, (4) corporate strategy, (5) stock prices etc. Economic systems allocate a nations resources among its citizens. Karl marx envisioned a society where individuals would ultimately contribute their abilities and receive benefits to their needs. Communism: countries contain market-based economies in which the government owns and operates all sources of production ex. Socialism: government only owns and operates select major industries. Can choose own job, but most work for gov"t. Management positions are decided on political considerations.
