COMM 104 Chapter Notes - Chapter 1: Corporate Social Responsibility, Corporate Sustainability, Economic System
31 Aug 2016
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Economic system an arrangement using land, labour, and capital to produce, distribute, and exchange goods and services to meet the needs and wants of people in society. The objective of an economic system is to use a society"s resources to meet the society"s needs. Free enterprise system an economic system characterized by ownership of private property by individuals and enterprises; the profit motive; a competitive market system; and limited involvement by government. (also called private enterprise system) Laissez-faire capitalism an economic system operating with absolute minimum interference from the government in the affairs of business. Government is limited to providing essential services policing, fire, protection. (french means let alone) Responsible enterprise system an economic system operating as a free enterprise system but incorporating the element of accountability. This definition implies that business enterprises are responsible to society for their actions and are answerable or accountable for being the cause, agent, or source of something.
