ADMS 1000 Lecture Notes - Gross National Product, Oligopoly, Business Cycle

• School: York University
• Department: Administrative Studies
• Course: ADMS 1000
• Professor: David Skinner

Document Summary

Business organization that seeks to make a profit by serving customers needs. 7 context of business: political, economic, technological, societal & 5. Management responsible for financial resources, people, motivation. Marketing consumer research, developing product, distribution & promotion. Finance managing activities concern with obtaining money & using it effectively. Profit remains after a business expenses have been subtracted from revenue. Not for profit organization a organization funded by governments to provide services to the public. Economic system distributes a nation resource among its citizens. Types of economic systems: market economy (producers & consumers) control production and distributions are through supply and demand. Market exchange between buyers and sellers of a particular good and service. Input are resources from households, output are goods and services supplied in demand. Capitalism basis for free market economy + allows private ownership of factors of production: command ( communism & socialism) Communism government owns & operates all sources of production.