STEN 1000 Chapter Notes - Chapter 4: Employee Engagement, Regulatory Compliance, World Trade Organization

• School: University of Windsor
• Department: Business
• Course: STEN 1000
• Professor: Ali

Document Summary

Mid to late 1700s, the world embarked upon a significant change when the marketplace of europe began to shift from being a largely agricultural-based society to being one transitioning toward a production-based model. The concept of mercantilism backed by the rise of business systems. Marked the beginning of a social shaft toward technology and scientific methodologies as mechanisms for economic development. Marked a change in social behaviour from self-sustenance to a consumption-inspired marketplace. Driven to meet the needs of this newly emerging society, entrepreneurs and merchants identified and responded to the needs of society. The increase in the demand for products and services resulted in the need for greater production, more efficient operations and a growth in specialization. Technological innovations such as the assembly line, replaceable part sand factory-based, labour driven business systems all evolved. The societal shift, however, also marked the advent of another defining moment for the global marketplace.