Wk02_1301 Intro to Biz Sector (Ch.2)

Wk02_1301 Intro to Biz Sector (Ch.2) - ADM1301 Week2A

Info iconThis preview shows pages 1–10. Sign up to view the full content.

View Full Document Right Arrow Icon
ADM 1301  Week 2A Introduction to the Business Sector Text:  Chapter 2 – How the Business System Works Supplemental: The Canadian Private Sector
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
2 Chapter Outline The Right of Private Property Individualism  and Economic Freedom Equality of Opportunity Competition and Profits The Work Ethic  Consumer Sovereignty The Role of  Government The Fundamentals and Canadian Capitalism Various Forms of Capitalism
Background image of page 2
3 The Right of Private Property The legal right to own and use economic  goods—for example, land and buildings Ethical implications: Uneven distribution of wealth Infringement of copyright rights Membership rights (e.g., labour unions) are  sometimes preferred over individual rights
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
4 Individualism and  Economic Freedom Individualism :  The view that the individual,  and not society or a collective, is the  paramount decision maker in society;  assumes that the individual is inherently  decent and rational. Economic freedoms :  Exist when the business  system operates with few restrictions on its  activities.
Background image of page 4
5 Equality of Opportunity The  assumption  that all individuals or groups  have an even chance at responding to some  condition in society. Ethical implications: Difficult to achieve in capitalistic system Wealth created not distributed equally Inequities such as layoffs, drops in living  standards, excessively high executive salaries
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
6 Competition The condition in a market system in which  many rival sellers seek to provide goods and  services to many buyers. Ethical implications: Oligopolies (few sellers in industry) or even  monopolies (one seller) can be created More difficult for some firms to enter certain  industries Firms might engage in anti-competitive activity
Background image of page 6
7 Profits The excess of revenues over expenses;  closely associated with competition. Ethical implications: Profits sometimes viewed with disdain or  as immoral Taxation of excessive profits
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
8 The Work Ethic A code of values, or a body of moral principles,  claiming that work is desirable, a natural activity, and  good in and of itself. Ethical implications: Government programs and society’s expectations have  influenced individuals’ attitudes toward work Individuals now expect more from government and business  enterprises in terms of working conditions, benefits, and  salaries
Background image of page 8
9 Consumer Sovereignty The  assumption  existing in an economy that  consumers have and exercise power over producers  through the decisions they make in purchasing the  goods and services provided by corporations. Ethical implications:
Background image of page 9

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 10
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 12/09/2010 for the course TELFER ADM 1301 taught by Professor Timragan during the Fall '10 term at University of Ottawa.

Page1 / 22

Wk02_1301 Intro to Biz Sector (Ch.2) - ADM1301 Week2A

This preview shows document pages 1 - 10. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online