BUSM 1100 Questions With Solutions
what is an economic system? an economic system is how a nation allocates its resources
amongst its citizens
what is "factors of production"? factors of production is the way that economic systems
differ based on who controls and owns the resources
describe ...
what is an economic system? an economic system is how a nation allocates its resources
amongst its citizens
what is "factors of production"? factors of production is the way that economic systems
differ based on who controls and owns the resources
describe the interactions between business and the government of canada the government
plays the following roles in canadian business. The government as:
-customer
-competitor
-regulator
-taxation agent
-provider of incentives and financial assistance
-provider of essestial services
explain the government as a customer the government buys supplies, land and more from
businesses. Most businesses depend on this for survival or a percentage of their prosperity
, BUSM 1100 Questions With Solutions
describe the government as a competitor government competes with crown corporations,
ex: hydro-quebec and canada post
describe government as a regulator The government regulates certain businesses for
reasons including protectivng competition, protecting consumers, achieving social goals and
protecting the environment
describe the government as a taxation agent the government collects taxes from
businesses and citizens. Higher taxes are collected from higher earning individuals and
businesses, lower taxes are collected from lower earning businesses and individuals
describe the government as a provider of incentives ad financial assistance The
government provides incentives and financial assistance to stimulate economic growth and
development.
describe the government as a provider of essential services the various levels of
government provide essential supplies like highways, the armed fores, the minting of money etc,
through the services they supply
, BUSM 1100 Questions With Solutions
show how demand and supply affect resource distribution in Canada the economy is
strongly influenced by supply and demand. Demand is the willingness to buy, and supply is the
willingness or ability to produce/provide a service or good.
Supply and demand work together to produce a market, or equilibreum price, which is the price
at which the wuantity of goods demanded and teh quantity of goods supplied are equal
identify the elements of private enterpriseand explain the various degrees of competition in the
Canadian system the canadian economy system is founded on the principles of private
enterprise. Private property rights, freedom of choice, profits and competition
Degrees of competition vary because not all industries are equally competitive.
Pure competion is goverened solely by suply and demand
Monopllistic competition is ruled by a small number of sellers, all trying to differentiate their
product
Oligarchy is when there are only a handful of sellers and tehy fiercly compete with one another
, BUSM 1100 Questions With Solutions
In a monopoly, there is only one seller
Explain the concepts of organizational boundaries and multiple organizational environments
all businesses operate within a larger external environment, aka anything outside of the
organization that may affect it.
An organizational boundary is what will separate it from its environment.
Organizational environments consist or anything from economic conditions, tech, political-legal
considerations, social issues, the global environment and ethical issues.
With this comes new emerging issues and opportunities
explain the importance of the economic environment to business and identify the factors used to
evaluate the performance of an economic system the economic environment is the
economic system in which the business firms operate
the goals of the Canadian system are
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