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Management (MGT)

Management Lecture 02 – Economics – The study of how businesses, people make choices about:  What things to produce/consume  How best to produce things  How best to distribute wealth Factors of Production: 1. Labour – human beings (ex: workers) 2. Natural Resources – raw materials found in ground, grown from earth, or harvested from nature (Ex: Coal, Wheat, Water, Wood) 3. Capital – money, machines/tech that money can buy (Ex: Money, Computers, Phones, Tractors) 4. Entrepreneurs – Ppl who assemble and organize the other factors of production, the individuals who make it all happen 5. Information Resources – Info such as market forecasts, economic data, and specialized knowledge of employees that is sueful to a business and that helps it achieve its goals. Q: What’s diff between entrepreneurship and labour? Isn’t entrepreneurship just another form of labour? Ans: Perhaps it isn’t the entrepreneurs itself that are the 4th factor but in fact a culture of entrepreneurship Economic Systems – A country; How these different countries answer the basic economic Qs: (How to organize factors of production)  Who should own/control the factors of production?  What should be produced with the factors of production? 1. Command (Planned) Economies –  Gov owns/controls factors of production
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