Textbook Notes (362,776)
Canada (158,052)
MGTA01H3 (583)
Chapter 1

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University of Toronto Scarborough
Management (MGT)
Chris Bovaird

Understanding the Canadian Business System http://Uoft.me/mgt  Factors of Production (Theory) – basic building blocks used to produce things. 1. Natural resources – raw materials found in nature 2. Labour – businesses need people to work for them 3. Capital – money needed to start the business (i.e buy machines & technology) and run it 4. Entrepreneurs – people who organize and assemble the other factors of production  Economic systems o Command or planned economies – governments own/control factors of production and make most/all of the decisions  Communist economies – governments owns/controls all factors of production and makes ALL economic decisions ex North Korea (NO PRIVATE ENTERPRISE)  Socialist economy – government owns/controls MAJORITY of the factors of production and makes most economic decisions ex. Cuba (Over 50%) o Market economies – individuals own/control factors of production and make most/all of the decisions  Capitalist economies – individuals owns/controls ALL factors of production and individuals make 100% of decisions (No countries on that have this)  Mixed market economies – individuals own/controls MAJORITY of factors and make MOST economic decisions ex. Canada September 24 /2012  Market – a bunch of activities (NOT A PHYSICAL PLACE) eg. Housing market, labour market  Market – When buyers and sellers
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