ADM 1101 Lecture Notes - Lecture 4: Crisis Management, Chief Operating Officer, Financial Statement

• School: University of Ottawa
• Department: Administration
• Course: ADM 1101
• Professor: Paula Sauveur

Document Summary

Economic systems: capitalis(cid:373): laissez faire: (cid:862)to allo(cid:449) to do(cid:863, very little government involvement, communism, society owns all means of production, distribution, and exchange. Laissez faire: government non-interference, mixed economy, state and private sector direct the economy, market economics with strong regulatory oversight, state capitalism, commercial (profit-seeking) economic activity undertaken by the state. Dominant number of state-owned business enterprise (china: free enterprise, business governed by laws of supply and demand, capitalism, economic system based on private ownership. Capitalism: economic system that allows for private ownership of the means of production, decision making is in the hands of invidiuals. Government involvement is strictly limited to providing essential services such as police and fire protection. Economic system operating as a free enterprise system. If you injury someone, the government will step in. Ecomic system in which corporations accept broader obligations beyond financial ones for shareholders.