Textbook Notes (368,611)
Canada (162,009)
MGTA01H3 (583)


5 Pages
Unlock Document

Management (MGT)
Chris Bovaird

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
More Less

Related notes for MGTA01H3

Log In


Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.