MGTA01H3 Chapter Notes - Chapter 1: Planned Economy, Canadian Business, Public Utility
14
MGTA01H3 Full Course Notes
Verified Note
14 documents
Document Summary
Chapter 1 - understanding the canadian business system. Business: an organization that seeks to earn profits by providing goods and services: businesses must take into account what customers what or need. Command economies an economic system in which government controls all or most factors of production and makes all or most production decisions communism socialism government owns and operates the main industries, while individuals own and operate less crucial industries. Market: mechanism for exchange between the buyers and sellers of a particular good or service capitalism: offers private ownership of the factors of production and of profits from the business activity. Mixed market economies elements of both a command economy and a market economy; typical of most nations" economies. Privatization: the transfer of activities from the government to the public sector. Deregulation: the reduction in the number of laws affecting business activity. Government as customer government buys thousand of different products and services from business firms largest purchaser of advertising.
