MCS 1000 Chapter Notes - Chapter 1: Canadian National Railway, Retail, Planned Economy

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Businesses produce most goods and services we consume today, and employ the majority of working people. They also create new innovations and provide opportunities for other businesses to serve as suppliers. Healthy business contributes directly to our quality of life and standard of living. Businesses differ all around the world; they operate based on the economic system they are in. Largest difference between economic systems is the factors of production: labour, capital, entrepreneurs, and natural resources. Employees who are well trained and knowledgeable can provide a real competitive advantage for a company. Capital is needed to keep a company up and running, investments can come from individual entrepreneurs, from partners who start a business together, or from investors that buy stock. Small businesses provide capital for their business with personal investments. Much of what a business does is a result from either the creation of new information or the repackaging of existing information for new users and difference audiences.

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