Textbook Notes (363,556)
Canada (158,423)
BUS 201 (122)
Chapter 1

BUS201 Chapter 1 notes

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Simon Fraser University
Business Administration
BUS 201
Peter Tingling

September 2 2014Understanding the Canadian Business SystemFactors of ProductionLabour the mental and physical training and talents of people aka human resourcesCapital Funds needed to operate an enterpriseEntrepreneurs people who organize and manage labour capital and natural resources to produce goods and services to earn a profit runs risk of failureNatural Resources items used in the production of goods and services in its natural state land water minerals treesTypes of Economic SystemsCommand economy government controls allmost of productions makes allmost of profitMarket economy individuals control allmost of production make allmost of profitCommunism government owns and operates all industriescountries that claim to still be communist china vietnam cuba now contain elements of a market economySocialism type of command economy in which government owns and operates the main industries while individuals own and operate less crucial industrieslarge population work for government inefficient rising taxessocialism is generally declining in popularityMarket ex
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