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MGTA01H3 (583)
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Department
Management (MGT)
Course
MGTA01H3
Professor
Chris Bovaird
Semester
Winter

Description
Ch. 1 understanding the Canadian business system: Business: the organizations that produce/ sell goods/ services to make a profitextend to wage paid to workers and to taxes that support government functions Profits: the difference btw a business’ revenues and expensesencourage individuals and organizations to open and expand businesses Economic system: a nation’s system for allocating its resources among its citizens  Differ in labor, capital, entrepreneurs, natural resources Information resources:  Produce tangible goods  Business rely heavily on market forecasts, the specialized expertise and knowledge of people, and various forms of economic data for much of their work  the creation of new information/ the repackaging of existing information of new users and different audiences Capitalism:  Private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive  Base on the operation of demand and supply Mixed market economy: Command + market economies Privatization: converting government enterprises into privately owned business new enterprise reduced its payroll, boosted efficiency and productivity, and quickly became profitable Deregulation: the reduction in the number of laws affecting business activity and in the powers of government enforcement agencies  Do what they want without government intervention Canadian Government As Customer: the gov is the biggest purchaser many business depend on it As competitor: through Crown corporations (accountable to minister of parliament for their conduct, exist at the provincial and federal level, important economic activity) As regulator: (reason) protecting competition, consumers, achieving social goals, protecting the environment As taxation agent:  Revenue taxes: are levied 徵收 by governments primarily to provide revenue to fund various services and programs  Progressive revenue taxes: at higher rate on higher-income taxpayers and at a lower rate on lower-income taxpayers  Regression revenue taxes: at the same rate regardless of a person’s income  Restrictive taxes: to control certain activities that legislators believe should be controlled As provider of incentives 鼓勵:  Incentive programshelp stimulate economic development ($)  Through the many services they provide to business firms through government organization o Statistic Canada: provide data and analysis on almost every aspect of Canadian society  Municipal tax rebates for companies that locate in certain areas  May cause difficulties with our trading partners As provider of essential services:  Federal: highways, the postal service, the minting of $, the armed forces, statistical data on which to base business decisions, tries to maintain stability through fiscal and monetary policy  Provincial + municipal: streets, sewage and sanitation systems, police and fire departments, utilities, hospitals, education… The law of Demand and Supply  Demand: the willingness and ability of buyers to purchase a product/ a service  Supply: the willingness and ability of producers to offer a good/ service for sale  Law of demand: buyers will purchase more of a product as its price drops and less of a product as its price increase  Law of supply: producers will offer more of a product/ service as its price rises and less as its price drops The demand and
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