ADMS 1000 Chapter Notes - Chapter 2: Deflation, Natural Monopoly, Gross Domestic Product

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

Document Summary

Economic systems around the world: an economic system allocates a nation"s resources among its citizens, factors of production. A big company require a labour force with a wide variety of skills. Labour is the mental and physical capabilities of people ranging from managers to geologists to truck drivers. Needed to start a business and to keep it operation and growing. Major sources of capital for businesses are personal investment by owners, the sale of stock to investors, profit from the sale of product and services, and funds borrowed from banks and other lending institutions. People who accept the opportunities and risks involved in creating and operating businesses. Include all physical resources such as land, water, mineral deposit and trees. Include the specialized knowledge and expertise of people who work in businesses as well as information that is found in market forecasts and various other forms of economic data: types of economic system.