ADMS 1000 Chapter 2&9: Chapter 2 & 9 - October 11.docx

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

Document Summary

Adms1000 - chapter 2 & 9 - october 11. However money is not capital (it is an investment). knowledge: including knowledge workers - individuals with specialized education, skills, training, and experience. Knowledge-based economies - economies which involve the production, distribution and consumption of knowledge and information. They can introduce new products, ideas and business models that can change the way we do business government: purchase goods and services for the welfare and wellbeing of both its citizens and its business-community members. They are responsible for making laws, regulations, and policies to manage the country"s economy. Government takes most of the profit: socialism: an economic system whereby the government has large ownership in or control of major industries essential to the country"s economy (e. g. coal mines, transportation, steel mills, healthcare, banking and utilities). First, a large number of buyers and sellers act independently. Barriers to entry - obstacles that may prevent someone from entering a given market.