MGMT 1040 Chapter Notes - Chapter 2: Economic Freedom, Capitalism, Consumer Capitalism
25 Sep 2016
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Canada: market system largely comprised by business enterprises. Most people recognize that a business"s goal is to make profit by providing goods/services. Less cumbersome and less costly to run than a centralized government run system. Businesses are more responsive to the needs of individuals because it is more innovative. Legal right to own and use economic goods. Benefits: allows people to control their own destiny, not have decisions made by others affecting them, pride in ownership means you will take better care of the property. You can get security and freedom from membership rights. Individualism: the individual is the paramount decision maker in a society; assumes that the individual is decent and rational. Privilege of determining their own course of action: acting in their own self interest itself. Economic freedom: when the business operates with few restrictions. Based on specialization; if you focus on the parts, the whole will take care of o.
