Textbook Notes (368,781)
Canada (162,164)
MGTA01H3 (583)
H Laurence (25)
Chapter 1

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Management (MGT)
H Laurence

Chapter 1 Understanding the Canadian Business System Business an organization that produces or sells goodsservices in an effort to make profit Profit ExpensesRevenue Expenses money business spends producing its goods and services and running it Revenue money that business earns by selling its products and services y Most profitable companies in 2001 RBC 33 billion Manulife Financial 32 Billion and Imperial Oil Ltd 26 million Economic System The way in which a nation allocates its resources among its citizen y The key difference between economic systems in the way they manage their factors of production Factors of Production resources used to produce goods and services Labor Capital natural resources entrepreneurs Sometimes info technology y Laborhuman resource capitalmoney y Major source of capital for small business is personal investments by owners investments from individual entrepreneurs partners who start business or investors who buy stock Information Resources y Business rely on market forecasts specialized expertise and knowledge of people and various forms of economic data for their work y Creation of new info or repackaging of existing info for new and different users y AOL provides online services to millions of subscribers Types of Economic System Command Economics y Basic forms are communism and socialism y Communismgovt owns and operates all industries y Socialism govt owns and operates main industries and individuals own and operate less crucial industries y German economist Karl Max predicted that govt ownership of production factories would be temporary and once society matured workers would gain ownership and govt would disappear y Ppl in socialist coun
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