RSM100Y1 Chapter Notes -Limited Liability Partnership, Unemployment, United States Treasury Security
Document Summary
Sadly, not all the term sets were chosen/sent in. Private enterprise system: a type of economic system in which businesses need to recognize consumer demands, and fulfill them. Profitable firms in this system fulfill consumer demands the best. For example, businesses in canada and the us function under this system. In this system, it is necessary to fulfill consumer demands to gain profit. This profit will result in access to more factors of production, which can be used to generate even bigger profits. Capitalism: another name for private enterprise system (it is the same thing). Businesses need to realize what consumers demand, and produce that product. The businesses that serve consumers the best gain the largest profits. Competition: the struggle between businesses to gain consumers. Businesses are constantly battling for consumers to gain more profit. Businesses battle for consumers in a number of ways, and the most important being a quality product.
