MGTA01H3 Chapter 1: Chapter 1 Notes

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

Document Summary

Differ in terms of resource ownership and resource control: these resources are call factors of production (5): labour (human resources) and the skills of a workforce. capital (financial resources) needed to start and run an e nterprise. Information resources (specialized knowledge): market fo recasts,demographics, help to achieve business goals. capitalism: political idea with private ownership and: mixed market encouragement of entrepreneurship. Economies: most economic systems, elements of both command and market. protecting consumers: eg: safety standards, warning lab els. achieving social goals: eg: safe workplaces, employment insurance. protecting environment: eg: laws governing emissions a nd waste: taxation agent: revenue taxes fund government programs, eith er. Progressive (higher tax rate for higher incomes) or regressive (l ower incomes pay higher percentage of income). law of demand: buyer purchases more when price drops: supply: willingness and ability for producer to offer product.