RSM100Y1 Lecture Notes - Lecture 1: Offset Agreement, International Accounting Standards Board, Asia Business News
Document Summary
Private property - right to own, use, buy, sell and hand down land, buildings, machinery, equipment, patents, possessions and intangible forms of capital and property. Freedom of choice (relies on citizens to choose their own employment, purchases, and investments) Competition (allows the public to set rules for competitive activity) entrepreneur person who seeks a profitable opportunity and takes on necessary risks to set up and operate a business. Primarily agricultural, economic success depended upon success/failure of crops. Mass production aided by semiskilled workers, mechanized production methods, economies of scale used in raw material purchasing. Advances in technology and increased demand for manufactured goods, leading to enormous entrepreneurial opportunities. Emphasis on producing more goods faster leading to production innovations such as assembly lines. Consumer orientation, seeking to understand and satisfy needs and preferences of customer groups. Benefits derived from deep, ongoing links with individual customers, employees, suppliers, and other businesses.
