ADMS 1000 Chapter Notes - Chapter 2: Canadian Natural Resources, Monopolistic Competition, Perfect Competition

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

Document Summary

Business: an organization that produces or sells goods or services in an effort to make a profit. Profit: the remains after a business"s expenses have been subtracted from its revenues. Reward owners of businesses for taking the risks involved in investing their time and money: encana corp (6. 3 billion, canadian wheat board (5. 7 billion, canadian natural resources ltd. (4. 9 billion) Non-for-profit organization: use the funds (profits) they generate to provide services to the public. Economic system: the method used to allocate a nation"s resources among its citizens. How businesses function is largely built around the economic system in the country they operate in. Economic systems differ around the world in terms of who owns and controls these resources. Command economies: reliance on a centralized government that owns all or the majority of the factors of production to make all or most of production and allocation decisions.