ADM 1301 Study Guide - Oc Transpo, Canadian Business, Profit Motive

• School: University of Ottawa
• Department: Administration
• Course: ADM 1301
• Professor: All

Document Summary

Types of economic systems: capitalism - economic system that allows for private ownership of production means (land, etc. ) and assumes decision making is left to those who make decisions expecting to earn a profit. Chapter 2 book notes: canadian business system largely composed of enterprises operating in a market system, economic responsibility of business: to make a profit. Competition: condition in a market system in which many rival sellers seek to provide goods/services to many buyers. Profit: the excess of revenues over expenses; closely associated with competition, competition ensures if excessive profits are made, others will be attracted to the industry, many in society view profits with disdain, and some even consider them immoral. Work ethic: code of values claiming work is desirable, a natural activity and is good in and of itself, individual"s attitudes towards work have changed as a result of government programs and society"s expectations.