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Introduction to Management

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Western University
Economics 2116A/B
Doug Hazlewood

Introduction to Management Understanding the Canadian Business System [To set the scene and provide some basic definition and define key features] The number of factors of production is a theory. In general there are about 4: labour, natural resources, capital, and entrepreneurs The basic economic questions are • Who should own or control the factors or production? • What should be produced, with the available factors? Different countries will have different ways to answer these questions. Things such as natural resources available, production efficiency and population will affect the answer. Countries with more people will be more involved in labour intensive productions. Two types of Economic Systems Command/Planned economy – government control/own factors of production and make all the decisions. There are very few of total command economies such as North Korea. Socialist economies – government owns/controls the majority of the factors of production and makes most of economic decisions. Ex. Cuba. Market/Capitalist economies – individuals own/control factors of production and make all/most of the decisions. Ex. None. Governments would at least have some con
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