ADM 1301 Lecture Notes - Lecture 2: American Business History, Sole Proprietorship, Limited Partnership
9 Oct 2018
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Document Summary
Business drives the economy of a nation. The economic system in canada is a private enterprise system. Rewards firms for effectively and efficiently meeting the wants and needs of customers. Basic rights of a private enterprise system: A company can acquire some kind of resource and can use them to make some sort of profit (eg six distinct time periods define north american business history hotel on land generates profit) The advent of the factory system and mass production. Risk takers and inventors; advances in technology. Companies want people who think differently; approach a problem from different perspectives (ie financial, creative perspectives working together) Outsourcing and the changing nature of work. Solve problems, come up with ideas = at the core of mst companies. The canadian private sector forms of business ownership. Franchises - specialized form of business ownership. The simplest form of business organization available to any individual who is legally able to enter into a binding contract.
