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CA (650,000)
UTSC (30,000)
MGT (300)
MGTA01H3 (400)
Lecture 2

MGTA03 – Intro to Management – Lecture 2 Notes


Department
Management (MGT)
Course Code
MGTA01H3
Professor
Chris Bovaird
Lecture
2

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MGTA03IntrotoManagementLecture2
Chapter1:UnderstandingtheCanadianBusinessSystem
PagesfromTextbookCoveredinthisLecture;1to9
NextLectureWillCoverPages;9to15
MainPointsthisLecture:
FactorsofProduction
EconomicSystems
CommandEconomies&MarketEconomies
Supply&Demand
DegreesofCompetition
FactorsofProduction
Basicbuildingblocksusedtoproduceanything
i)NaturalResources;rawnaturalmaterialsfoundinthegroundgrownfromtheearth/harvested
fromnature
ii)Labour;workers(needatleastonepersonineverybusiness)
iii)Capital;moneyormachinesandtechthatmoneycanbuy
iv)Entrepreneurs;peoplewhoassembleandorganizetheotherfactorsofproduction
 [profsayshethinks:thesocialpromotionofentrepreneurs]
EconomicSystems
[Accordingtoprof;FancywayofsayingCountry]
Differentcountriesanswerbasiceconomicquestions;
Whoshouldownthefactorsofproduction?
Whoshouldcontrolthefactorsofproduction?
Whatshouldbeproducedwiththefactorsofproduction?

Command/PlannedEconomies;governmentmakesmostdecisionsandowns/controlsfactorsof
production
MarketEconomies;individualsmakemostdecisionsandcontrolfactorsofproduction(gov’t
doesn’tcare)
PlannedEconomies(2Types)
CommunistEconomies:
Gov’tcontrolsallfactorsofproductionandmakesalleconomicdecisions
(veryfewexist,e.g.NorthKorea)

SocialistEconomies:
Gov’tcontrolsmajorityofthefactorsofproduction,includingprincipal
industries,makesmosteconomicdecisions.(E.g.CubaCabsarerunbythe
drivers,textilemills/factoriesrunbygov’t)
www.notesolution.com
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