MGTA01H3 Lecture Notes - Lecture 12: Multinational Corporation, Oligopoly, Liquor Control Board Of Ontario
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MGTA01H3 Full Course Notes
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Chapter 1 & 2: what is a business and factors of production. People give time energy and money to start a business when there is an incentive to do so. The(cid:455) (cid:272)a(cid:374)(cid:859)t pro(cid:448)ide the goods a(cid:374)d ser(cid:448)i(cid:272)es that the(cid:455) (cid:374)eeded, e(cid:454)a(cid:373)ple arizona coyotes. 2002-2009: canadians started 95,000 businesses were started per year 88,000 closed. Karl marx: communist- profit is the result of one group of people exploiting the labor of others, government should oversee equal distribution of goods and services. Adam smith: liberalism- people will work hard if left alone to provide for themselves, people will prosper if government allows them to do so. There are building blocks used to produce anything those building blocks are factors of production every business is a combination of these things. Labor: businesses need people; labor = workers, human beings. Capital: money or the machines that money can buy; tractors, hammers, printers.
