ADMS 1000 Chapter Notes - Chapter 7: Canadian Transport Commission, Trans-Canada Air Lines, Imperfect Competition

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

Document Summary

Business enterprise system: what goods and services are produced and distributed to society, how the goods and services are produced and distributed to society. The canadian business enterprise system- capitalist economic system: rights of individual. Individual has every right to pursue their self interest , includes seeking to make profits from the business enterprise. Limits placed through government regulations: ex: selection criteria for a certain job, rights to private property. Individuals have the right to own land, labour, and capital. Uneven redistribution of wealth in society: competition. Sufficient competition among business enterprises will ensure that business provides the goods and services required by society at fair cost. Invisible hand \perfect competition does not exist: the role of government. Minimal government interference in business enterprise system. Capitalist system allows the individuals or business the responsibility for the allocation of resources. Where as communist places the responsibility for the allocation of society"s resources in the hands of eh government.