BUS 201 Chapter Notes - Chapter 1: Consumer Product Safety Act, Planned Economy, Bt Business And Public Sector

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BUS 201 – CH.1
LO 1 – Define the nature of Canadian business and identify its main goals.
- 2011 study Forbes magazine: Canada #1/134 top country to business
- business managers must pay attention to diff things: actions of competitors, rapid
technological change, new prod dvlpt, corporate strategy, stock prices, etc
- business = org that prod/sells goods/services to make profit
- taxes paid by businesses support gov
- profit = what remains after a business’s expenses have been subtracted from
- not-for-profit orgs use funds to provide services to public (i.e. charities, hospitals)
LO 2 – Describe different types of global economic systems according to the
means by which they control the factors of production through input and
output markets.
- economic system = way in which a nation allocates its resources among citizens
 differ in who own & controls these resources  factors of production
- factors of production: labour, capital, entrepreneurs, natural resources
 labour (human resources) = mental & physical capabilities of ppl
 capital = funds needed to operate an enterprise $
 entrepreneurs = indiv who organizes & manages labour, capital, natural
resources to prod goods & services to earn a profit (risk of failure)
 natural resources (now incl. all physical resources) = items used in prod of
- information resources = info (i.e. market forecast, econ data, knowledge of
employees) that is useful to a business
- types of econ systems: command economy, market economy, mixed market
- command (i.e. communism/socialism) = gov controls all or most factors of prod &
makes most prod decisions
 communism = gov owns & operates all indus; socialism = gov owns &
operates most indus, indivs less crucial indus
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