MGTA01H3 Lecture 5: Lecture 5 - the business environment (GDP,etc)
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Lecture 5: understand ing t he env iron ment of business (chapter. It makes, produces, provides or supplies things to people who need them. They exist for consumers to get what they need and want (on midterm)** Factors of production: the raw materials and basic ingredients of any business. economic systems governments play a big role. government plays a main or overwhelming role = com mand economy or planned economy. market economy: govt plays small role, private individuals have power. perfect competition: perfectly competitive market, a lot of similar companies. monopoly: one company has monopoly over competitors, one provider. monopoly game: the more property you own the more you get to charge and tax. canada is a market economy, many businesses are starting everyday. Three forms of business: sole proprietor, partnership, corporation. different countries have different approaches to ownership and distribution of factors of production.