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ADM1301 Study Notes.docx

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ADM 1301 Study NotesThe SocioeconomyBusinessCorporations Partnerships ProprietorshipsGovernmentfederal provincial municipalCivil Societycommunities NGOs charities volunteers communityDrivers of ChangeDemographicsTechnological advancesGlobalizationIntegrity the appropriateness of a corporations behavior and adherence to moral guidelinesEconomic System arrangement using means of production to meet the needs and wants of society Capitalism allows for private ownership of the means of production assumes economic decision making is in the hands individuals or enterprises expecting to make a profitFree Enterprise characterized by ownership of private property profit motive competitive market system limited involvement by governmentLaissezfaire capitalism minimum interference by the government in business affairsResponsible enterprise operating as a free enterprise but incorporating accountabilityStakeholder capitalism corporations accept broader obligations beyond financial ones for shareholdersTwo DoctrinesConcession incorporation was conferred by public act no by private agreements among peopleFreedom of association takes more than a formal agreement to maintain a corporationFactors influencing AttitudesStandard of livingDecentralized decision making Allocation of resourcesSelfinterestInequities in societyBusiness cycleUnemploymentMediaInnovationGovernance the processes structures and relationships through which the shareholders as represented by the board of directors oversee the activities of the business enterpriseThree key playersOwnersShareholdersinterested in ROIBoard of directorselected to represent shareholders interestsManagersoversee daily operations Rights of ShareholdersSecure ownershipTransfer ownershipAccess corporate informationParticipation and voting in shareholder meetingsElection and removal of board membersShare in profitsThree Branches of Government Westminster Model1LegislativeThe House of CommonsThe SenateFocus on legislationHolding government to account2ExecutivePrime Minister Cabinet and the Public ServiceGovernment policy directionProgram and service deliveryGovernment administration3Judicialindependent of Cabinet Parliament or of any other state institutionInterpretation of the law and enforcement through theHOC308 seats elected membersLegislation and debatesSenate105 seats appointed by PM last until they are 75Revise and investigate legislationBills go through HOC to Senate then backLegislative Process1 HOC introduces bill2 First reading3 Second reading bill is debated then accepted rejected or ameded4 Third readingTo the SenateBack to the HOC for the Royal AssentBecomes a LawPublic Policy ProcessProblem identificationSetting the agendaFormulating the policyImplementing the policyEvaluating the policy
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