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Introduction to Business - Posted

System also known as capitalism also system that

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Unformatted text preview: Private Enterprise What System? System? → Also known as capitalism Also System that rewards companies for their ability to System recognize and meet the needs of consumers. recognize – – Pure capitalism has very minimal laws Managed or Democratic Capitalism is driven by competition, but the Managed government plays a significant role in making laws to protect different groups. different Competition: Battle for customer acceptance → Industries with high product demand tend to have higher competition competition → Competition helps keep prices low but can result in lower profits profits → Adam Smith’s Invisible Hand Invisible What other economic systems are there? there? Pure Communism – 100% property owned by the collective government. Som – Government owned and private owned industries Government (50%/50% range). (50%/50% Democratic Som – Heavy government involvement in the economy (30% Heavy to 50% Government ownership). to Key Facts Key How many people are t...
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