Lecture Note for MGTA03, Lecture 3

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Lecture Notes: Chapter 3
x All the economic systems on earth are divided into two categories
o Government makes many or most of the factors of productionÆcommand
o Private individuals own and control and make most of the decisions about what
they are going to buy/sellÆmarket economy(Canada)
permission to start a business(no forms/no fees/no licenses)
Only business where you might need a license is to start a banking
In order to start a business, is wake up one morning and decide you want
to beginÆdecide you want to give piano lessons
Textbook suggests that every day in Canada that 380 new businesses get
x Small BusinessÆit is hard to define, there is no proper definition that tells you exactly
ÁZuooµ]v]XXX^KÁv-managed business/ less than 100 employees/or low
o Some problems with the definition
GM is privately owned however it is a large business
x Small Business in Canada
o It is basically impossible to know how many small business are in Canada Æ
Industry Canada had a guess that it can be around 2.1 million(estimate)
o The fact is that well north of 98% of all business of Canada are small business
x Small Business t What about jobs?
o Total Canadian workforce Æ 14 mill
o Government employees(city, prov., fed)Æ 2 mill
o Private sector employees Æ 12 mill
o Conclusion
10% of Canadians are self-employed
25% of Canadians work in business with less than 5 employees
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