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NMILLS_BUS_WK2-1 - Evolution of Business By Nicole Mills...

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Evolution of Business By Nicole Mills BUS/210
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Emergence of the Hierarchy The hierarchy of  authority is a ranking of  people according to their  relative rights and  responsibilities to  control and utilize  resources. Higher ranked  individuals have the  authority to make certain  decisions and to expect  obedience from those  ranked less, however 
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Hierarchy & property rights Property rights were once  considered valuable  resources that were owned,  used, or sold. In the past,  land and material items  present on the land were  thought of as the most  valuable resources. Today,  property rights pertain to a  person’s labor, financial  capital, and tangible items  as well as their land and 
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Feudalism Defined    Feudalism, by definition, is the business or economic system in which one class of  people, aristocrats, control the property rights to all the valuable resources, including  people.     This economic system was used throughout the Middle Ages from 500 – 1500 A.D.     Laborers had little motivation to perform at high levels. So, to increase the motivation  of workers and the productivity of the land, the system of tenant farming evolved.
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