Chapter 1C Lecture

4 Pages
Unlock Document

University of Toronto Scarborough
Management (MGT)
Ingrid L.Stefanovic

Chapter 1B. ppt 1 Laurence, Hugh MGTA03, Lec. 03 th Introduction to Management II September 17 , 2009 o Business and Exchanges the Economic System o How do Markets Work? o Competition and the Structure of Markets o The Role of Government in the Market Economic Systems o Command Systems o Hutterites The most successful economic system in Western Canada Planning exploits economic opportunities People are assigned effectively to an economic activity and work hard Equipment is used efficiently Community is dedicated to efficiency to handle growth o Market-based Systems o Individuals, or groups recognized as legal persons, own the means of production o Decisions are made based on perception of success in the marketplace o Activity in markets, and the expectation of profits, becomes a key goal and the key form of regulation o Pure free market systems now rare o Historical examples from 19 Century Mines, mills and factories of England Great capital empires of later 8 o Gooderham and Worts Came to Canada in 1832 with 5,000l. Started a flour mill, as the family was in the milling business in England Branched out into grain production, cattle feeding to vertically integrate their activity Then started a distillery as another outlet for the grain o Gooderham & Worts Invested in a railroad to carry in the grain Invested in a sugar mill to refine raw sugar from the West Indies Established the Bank of Toronto and London Savings and Loan Company Established the Confederation Life Insurance Company Only one of several such large family ventures Massey-Harris, later Massey-Ferguson Eatons Flavelle and Canada Packers
More Less

Related notes for MGTA01H3

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.