ADMS 1000 Lecture Notes - Lecture 9: Session 9, Capitalism, Canadian Business

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ADMS 1000 Full Course Notes
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ADMS 1000 Full Course Notes
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The canadian business enterprise system: fundamental features: the canadian system is a mixed system. Individuals who take precedence in society, as opposed to institutions or the overall society is the notion of capitalism. Aka everyone has the right to pursue self-interest (aka make profits) There are limits placed on people who want to pursue their self-interests and government regulations enforce rules of how business owners conduct business o rights of private property. Individuals have right to own land, labour and capital. Because wealth has been distributed unevenly the government ahs intervened. Example: taxing people is one way to government redistributes the wealth among society: competition. Sufficient competition among business enterprises will ensure that business provides goods and services required by society at a fair cost. French term laissez faire= let people do as they choose. Competition=(cid:499)invisible hand(cid:499) o the role of government.

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