MGTA01H3 Chapter 1-10: EXAM NOTES Chapters 1-10 Lecture and Textbook Notes
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MGTA01H3 Full Course Notes
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3: understanding entrepreneurship, small business, and new venture creation 4: understanding legal forms of business organization 9. Differ in terms of resource ownership and resource control: these resources are call factors of production (5): Labour (human resources) and the skills of a workforce. Capital (financial resources) needed to start and run an enterprise. Information resources (specialized knowledge): market forecasts, demographics, help to achieve business goals. Entrepreneurs: accept risks and opportunities; manage all other factors of production in the firm: types of economic systems: Command economies (centralized government, government owns most industries), communism (government owns all industries), socialism (only some major industries are controlled). Market economies (individuals make decisions about factors of production): Market (mechanism for exchange), freedom of choice widely enjoyed: capitalism: political idea with private ownership and encouragement of entrepreneurship. Mixed market economies: most economic systems, elements of both command and market.
