MGTA01H3 Chapter 1-5: Chapter 1-5 notes from Business Volume One second custom edition

• School: UTSC
• Department: Management (MGT)
• Course: MGTA01H3
• Professor: Chris Bovaird

Document Summary

Th e fu n d s n e e d e d t o o p e r a t e a b u si n e s s: entrepreneurs. La n d , w a t e r, m i n e r al d e p o sit s a n d tr e e s. bu si n e s s e s r ely h e a vily o n s u c h r e s o u r c e s. Two m o s t b a si c for m s in cl u d e : communism: system in which the government owns and operates all factors of production. Socialism: system in which the government owns and operates only selected major industries: market economies www. notesolution. com. market: a mechanism for exchange between the buyers and sellers of a particular good or service.