ADMS 1000 Chapter Notes - Chapter 2: Mixed Economy, Store Manager, Liquor Control Board Of Ontario

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

Document Summary

An economic condition in which an organization operates. An economic condition or variable include job growth, consumer confidence, interest rates etc. It is also responsible for making laws, regulations and policies to manage the country"s economy: business: make profit by balancing the right combination of inputs. Land and raw materials: labour, capital, knowledge: Knowledge workers with specialized education, skills and experience: entrepreneurs: Store manager, cashier, coffee maker, donut maker, cleaner. Executives, marketing managers, finance managers, other administrative staff. Computers and calculators: to keep track of revenues and expenses. Individuals who understand the complexities of the coffee-bean trade, growing coffee. Tim horton is the original founder, but you can own and operate a franchise. Ee" be analyzed on micro or macro level. Microeconomics: study of smaller components of the economy such as the individuals and businesses. Macroeconomics: study of larger economic issues involving the economy as a whole. The way the five factors of production are managed.