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[MGMT 1000] - Midterm Exam Guide - Everything you need to know! (13 pages long)


Department
Management
Course Code
MGMT 1000
Professor
Kathleen Rodenburg
Study Guide
Midterm

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UofG
MGMT 1000
MIDTERM EXAM
STUDY GUIDE

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MGMT1000- Introduction to Business
Week 1:
SEM 1
Office Hours: Tues 10:30-11:30
5 A’s:
Show Respect
NO discriminating
Assignments on Time
Equal Work
Let people know in advance
3 C’s:
Cellphones
Listen
Show up on time
ABC Chart: ranking ideas/points in a group
CRAAP:
Currency
Relevance
Authority
Accuracy
Purpose
Lib.uoguelph.ca
LEC 2 WEEK 1
AGENDA WEEK 1
Define the nature of Canadian business and identify main goals
Describe different types of global economic systems, according to the means by which
they control the factors of production through input and output markets
Describe the interactions between business and government in Canada
Show how demand and supply affect resource distribution in Canada
OBJECTIVES OF BUSINESS (specifically in North America):
Businesses produce or sell products in order to make a profit
Profit+Revenues=Expenses
Non-Profit Organizations provide goods and services but do not seek profit i.e schools,
hospitals
$0=Revenues-Expenses
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Economic Systems Around the World
1 The most important difference between economic systems from the around the world is
who controls the factors of production
The Factors of Production
I.E Car- Natural Resources, Capital, Huma Resources, Entrepreneurs, Information systems
Command Economies
Communism
Government owns and operates all industries
It makes resource distribution decisions
Socialism
Government owns and operates critical industries (utilities and major institutions)
Individuals own non critical businesses
QUESTION: The political basis for the free market economy is called Capitalism which allows
private ownership of the factors of production and encourages entrepreneurship by offering
profits as an incentive
Market Economies
Economic basis is supply and demand
Political basis is capitalism
Ownership of the factors of production is open
Buyers and sellers have freedom of choice
The market is the mechanism for the exchange of goods and services
Capitalism
Encourages entrepreneurship and the private ownership of the factors of production
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