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Canada (161,680)
Business (358)
BUSI 1800 (53)
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BUSI 1800 - week 1.docx

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Department
Business
Course
BUSI 1800
Professor
Richard Clayman
Semester
Fall

Description
BUSI 1800 – Week 1 The Canadian Business System - The motive of business is to generate a profit - Goods & Services o Capital o Labour o Natural Resources o Entrepreneurs o Information - Communist model o Govt owns all the factors of production and makes all the decisions regarding distribution of resources o Gov t owns all industries including essential services - Socialist model o Govt owns and operates all critical components of the country o Individuals own non-critical businesses - Market economy model o Economic basis is S&D o Political basis is capitalism o Ownership is open to all o Buyers and sellers have freedom of choice o The market is the mechanism for the exchange of goods and services - Circular market flow o 1. Input market – firms buy resources from households o 2. Output market – ho
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