MGTA01H3 Chapter Notes - Chapter 1: Planned Economy, Economic System, Canadian Business

• School: UTSC
• Department: Management
• Course: MGTA01H3
• Professor: Bill Mc Conkey

Document Summary

Part 1 introducing the contemporary business world. Chapter 1 understanding the canadian business system. Economic systems around the world: a major determinant of how organizations operate is the kind of economic system that characterizes the country in which they do business, an economic system allocates a nations resources among its citizens. Factors of production: economic systems differ in terms of who owns and controls these resources, also known as the factors of production . Labour: the people who work for a company represent the first factor of production, labour, labour is the mental and physical training and talents of people. Sometimes called human resources: employees who are well trained and knowledgeable can be a real competitive advantage for a company. Capital: obtaining and using labour and other resources requires capital, capital is the financial resources needed to operate an enterprise.