MGTA01H3 Study Guide - General Partnership, Monopolistic Competition, Complete Control
14
MGTA01H3 Full Course Notes
Verified Note
14 documents
Document Summary
Information resources: information such as market forecast, economic data, and specialized knowledge of employees that is useful to a business and that helps it achieve its goal. Economic systems: economic systems also differ in the way decision are made, governments could also own the factors of production, command economy: government makes all the decisions about production and allocation. Examples of ce is communism and socialism. Communism: system in which the government owns and operates all sources of industries, north korea. Socialism: government owns and operates only selected major industries, Socialism is declining in popularity: market economies: individuals control production and allocation decisions through supply and demand. Market: a mechanism for exchange between the buyers and sellers of a particular good or service. Both buyers and sellers have a freedom of choice. Capitalism: kind of market economy offering private ownership of the factors of production and of profits from business activity.
