MGMT 1040 Chapter Notes - Chapter 2: Conscious Business, Work Ethic, Oligopoly

• School: York University
• Department: Management
• Course: MGMT 1040
• Professor: Hope Shamonda

Document Summary

Sexty, chapter 2: how the business system works : right of private property. The legal right to own and use economic goods, such as land and buildings: intellectual property. Umbrella term for patents, copyrights, trademarks, industrial designs, integrated circuit topographies, and planet breeder"s rights (one"s ideas: individualism. The view that the individual and not society or a collecive, is the paramount decision maker in society; assumes that the individual is inherently decent and raional: economic freedoms. The assumpion that all individuals or groups have an even chance at responding to some condiion in society: compeiion. The condiion in a market system in which many rival sellers seek to provide goods and services to many buyers (example: pepsi-cola versus coca-cola, Apple versus samsung, walmart versus target: oligopoly. A type of compleion where the few sellers in an industry behave similarly (example: telecommunicaions giants such as rogers, bell and telus: work ethic.