MGTA01H3 Chapter Notes - Chapter 1-5: Canadian Business, National Product, Market Economy
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MGTA01H3 Full Course Notes
Economic systems around the world: allocates a nation"s resources among its citizens, factors of production: the basic resources that a country"s businesses use to produce goods and services, four factors of production: labour, capital, entrepreneurs, and natural resources. Labour: people who work for a company, human resources. Capital: financial resources needed to operate an enterprise, personal investment by owners for small businesses. Entrepreneurs: people who accept the opportunities and risks involved in creating and operating businesses. Natural resources: land, water, mineral deposits, and trees, include all physical resources. Information resources: specialized expertise and knowledge of people, various forms of economic data for their work, creation of new information or the repackaging of existing information for new users and different audiences. Command economies: communism and socialism, communism is a system in which the government owns and operates all sources of production, socialism: the government owns and operates only selected major industries.