Class Notes (807,014)
Canada (492,560)
York University (33,494)
ADMS 1000 (483)

Chapter 2-Economic Enviroment (ADMS).docx

3 Pages
Unlock Document

York University
Administrative Studies
ADMS 1000
Indira Somwaru

The 7 contexts of business- PETS that don’t go well together are Cats and Goldfish. P olitical E conomic T echonologial S ocietal and L abour G lobal Economic Systems: -an economic system allocates a nation’s resource among its citizens -economic systems different in terms of who owns and who controls these resources are know as the “factors of production” What are the factors of production? Businesses make their economic choices based on their needs for the five factors of production 1. Natural resources – land and raw materials 2. Labour - workers 3. Capital - buildings, machinery, tools and equipment 4. Information resources (knowledge) - knowledge workers with specialized skills and experience 5. Entrepreneurs - individuals who start up the business Types of Economic Systems: 1. Market Economy Private enterprise has four elements: -private property -freedom of choice -profits -Competition ex: 2. Command and Communism -communism exists when the government owns all of the country’s resources and makes economic decisions centrally ex: Cuba, North Korea 3. Socialism -an economic system where the government has large ownership or control of its major industries essential to the country’s economy (coal mines, transportation, banking) 4. Mixed Economy -an economy that uses more than one economic system ex: Canada -government’s usually play a role in managing the economy Types of Competition: 1. Perfect (Pure) completion -large numbers of buyers and sellers acting independently -product or service is undifferentiated -the market determines the price (a price taker) -low
More Less

Related notes for ADMS 1000

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.