Class Notes (786,669)
Canada (482,233)
Administration (2,581)
ADM1301 (100)
Tim Ragan (11)
Lecture

Chapter2.docx

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School
University of Ottawa
Department
Administration
Course
ADM1301
Professor
Tim Ragan
Semester
Fall

Description
Chapter 2 How the Business System Works Summary y Most gs needed by Canadians are supplied by business enterprises operating in a capitalist system Ethical implications are the result y Fundamental elements of Canadian Capitalism are o The right of private property individualism and economic freedom o Equality of opportunity o Competition o Profits o The work ethic o Consumer sovereignty o Role of the government y These elements allow for capitalism to operate effectivelyy Some in society resent businesses being able to own large amounts of property y Individualism encourages persons to participate in a capitalistic system y They are free to make economic decisions in providing gs in the marketplace y Some feel the economy should be more directed by the governmenty For capitalism to be accepted it m
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