RSM100Y1 Lecture Notes - Lecture 4: Environmental Good, Barter, Divisor
Document Summary
Rsm week 4 introduction to business and society. Wealth (n) the annual produce of the land and labour society adam. Gdp value of goods and services produced in canada every year. Wealth creation: combining materials, ideas, labour, and technology so that the output can be sold for more than costs. This profit brings wealth to the people and society involved in production. Requires: combination of inputs, supportive environment, means of production, someone who will pay more than costs. Free enterprise reigns in canada, yet . Many of these are legacies of scale. Back to the diamond: public policy systems, an effective financial system, vibrant entrepreneurship, sophisticated managerial capabilities. Support for entrepreneurial process (roles of other three corners of the diamond) Market must provide for both success and failure. As business owners and the agents of owners (managers, leaders) Producers must have freedom to choose both what they produce and how much.
