RSM219H1 Chapter Notes - Chapter 1: Planned Economy, Demand Curve, Economic System
7
RSM219H1 Full Course Notes
Verified Note
7 documents
Document Summary
Chapter 1 understanding the canadian business system. Business an organization that seeks to earn profits by providing goods and services. Profit the money that remains (if any) after a business"s expenses are subtracted from its revenues. Expenses the money a business spends producing its good and services and generally running the business. Revenues the money a business earns selling its products and services. Economic system the way in which a nation allocates its resources among its citizens. Information resources information such as market forecasts, economic data, and specialized knowledge of employees that is useful to a business and that helps it achieve its goals. Command economy an economic system in which government controls all or most factors of production and makes all or most production decisions. Market economy an economic system in which individuals control all or most factors of production and make all or most production decisions.
