Study Guides (248,450)
Canada (121,544)
Administration (1,205)
ADM1100 (35)
All (14)
Final

EXAM REVIEW-SESSION 1 UNDERSTANDING THE CANADIAN BUSINESS SYSTEM.docx

6 Pages
130 Views
Unlock Document

Department
Administration
Course
ADM1100
Professor
All Professors
Semester
Fall

Description
SESSION 1 UNDERSTANDING THE CANADIAN BUSINESS SYSTEMThe Concept of Business and ProfitBusinesses produce or sell products in order to make a profit the money left over from revenues after a firm pays its expenses motivates individuals to engage in business activitiesFactors of ProductionThe Factors of Production are basic resources which are the building blocks of an economic system includenatural resources minerals lumber water landlabour human production expertisecapital money needed to run a business which comes from investment borrowing or salesentrepreneurs the people who organize and manage the factors of production in a business environment in order to produce a profit risking failure and lossinformation now often includedspecialized knowledge economic dataTypes of Economic SystemsCommand economies Communist SocialMarket EconemiesMixed EconemiesThe Communist ModelGovernment owns the factors of production and makes all decisions regarding distribution of resources Government owns all industries including essential servicesThe Socialist Model The government owns and operates all critical industries such as utilitiesmajor institutions Individuals own noncriticalbusinessesIn a market economy Economic basis is supplydemand Demand is willingness of consumers to buy a product or service Supply is the willingness and ability of producers to sell the product or service Political basis is capitalism Ownership of the factors of production is open to all Buyers and sellers have freedom of choice The market is the mechanism for the exchange of goods and services
More Less

Related notes for ADM1100

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit