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Lecture 5

Lecture 5 - the business environment (GDP,etc)

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University of Toronto Scarborough
Management (MGT)
Chris Bovaird

MGTA03 LECTURE 5: UNDERSTANDING THE ENVIRONMENT OF BUSINESS (CHAPTER 2) Review A business is an organized effort. 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 busi nss. Labour, capital, entrepreneurs, natural resources Economic system s governments play a big role Government plays a main or overwhelming role = command 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 Canadian economy vs. China, US, etc. Measures of economic performanceeconomics statistics Gross domestic product (GDP), Productivity, Unemployment, Inflation Purpose of an economic syste mif the government doesnt take a major role, individuals will take risks, the systems give us what we want Measures of economic systems look at the economic system and whathow much its producing
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