MGTA01H3 Chapter Notes - Chapter 1: Planned Economy, Eastern Bloc, Economic System
22 Nov 2013
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MGTA01H3 Full Course Notes
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Economic system: the way in which a nation allocates its resources among its citizens. The resources used to produce goods and services: labour. Also called human resouces is the mental n physical training and talents of ppl: capital. The money needed to operate an enterprise. For small companies: major source of capital cn be personal investment or loans. Revenue cn later become a major source of capital to reuse money to make money: entrepreneurs. A individual who organizes and manages labour, capital and natural resources to produce goods and services to earn a profit, but who also runs the risk of a failure: natural resources. Are items used in the production of good n services in their natural state. Ex. land, water, mineral deposits and trees: information resources. Info such as market forecasting, economic data, and specialized knowledge of employees that is useful to a business and that helps it achieve its goals.
