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

74 views5 pages
whitebuffalo5917706 and 39630 others unlocked
ADMS 1000 Full Course Notes
ADMS 1000 Full Course Notes
Verified Note
12 documents

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.