MGTA05H3 Study Guide - Fall 2018, Comprehensive Midterm Notes - Economic Liberalism, Canada, Cable Television
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MGTA05H3 Full Course Notes
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An organized effort, to create or provide something that people need or want, and are willing to pay for, in order to create a profit. They are called not for profit organizations. If people are rational, they will spend time, energy and effort if there is incentive. Profit gives people to create wealth, this is the incentive. If no government interference then people would exploit/take advantage of things and eventually go bad. Pro: if you are good at what you do, you can create profit. Employer should split its profits with its employees. Believes that capitalists (owners of the businesses) exploit their employees (labourers) Against it: if individuals are given too much power, they will corrupt. If you are good at what you do, you have more chances to create a profit. Businesses can and do fail running a business is difficult and complicated. Businesses must anticipate needs customers are unpredictable. The economic and political theories developed by karl marx.
