MKT 2210 Study Guide - Quiz Guide: Legal Personality, Sole Proprietorship, Corporate Social Responsibility
17 Oct 2018
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Capitalism: an economic system that allows for private ownership of the means of production such as land, labour, and capital. Assumes that economic decision making is in hands of individuals looking to make a pro t. Central features: wage labour, private ownership of means of production, production for exchange and pro t. Laissez-faire capitalism: minimum government intervention, just essential services such as police and. Stakeholder capitalism: corporations accept broader responsibility beyond nancial ones for shareholders. Balance needs of shareholders with stakeholders(employees, customers, etc. ) be sensitive to ethical consequences of actions. Clean capitalism: incorporates social, economic, and ecological costs into the prices we pay. Socialism: community or state owns property and means of production. workers are protected, wealth is distributed. Sole proprietorship: owned and operated by one person. The sp takes all responsibility for success or failure. Partnership: an association of two or more persons acting as co owners of a business for pro t.
