ADMS 1000 Chapter Notes - Chapter 8: Canadian National Railway, The Public Interest, Canadian Business

• School: York University
• Department: Administrative Studies
• Course: ADMS 1000
• Professor: Eytan Lasry

Document Summary

government plays a critical role in canadian economy. The business enterprise system determines how or by whom decisions are made. capitalism: a type of economic system that"s based on a number of fundamental principles including: rights of the individual: individuals take precedence as apposed to institutions/ the overall society. Individuals have every r ight to pursue their own self-interest, however there are limits. Government regulations enforce rules that affect how business owners conduct their affairs. Ie, government guidelines regarding job candidate selection criteria for who is hired for a job. rights of private property: individuals have the r ight to own land, labour & capital. Canada"s wealth is not evenly distributed, government comes into play. competition: sufficient competition among business enterprises will ensure that business provides the goods & services required by society at a fair cost. The role of government: laissez-faire let people do as they choose which suggest little government interference.