Nobody downloaded yet

Private enterprise system - Research Paper Example

Comments (0) Cite this document
Summary
Private Enterprise System Name: University: A private enterprise system is one where firms are rewarded for identifying and serving the needs and demands of the market. Capitalism is another name given to a private enterprise system. There is minimal government intervention in this type of system…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER98.2% of users find it useful
Private enterprise system
Read TextPreview

Extract of sample
"Private enterprise system"

Download file to see previous pages The competitive nature of the economy, due to the capitalist system, makes it easier for consumers and firms to buy and sell goods and services freely. In a private enterprise system in its purest form all factors of production are privately owned and there is no intention from the government to set market prices or intervene in the economy (Gitman & McDaniel 2007). Due to the little intervention by the government market forces dominate the economy and the three basic questions in economics: 1) what to produce? 2) how to produce? and 3) for whom to produce? are determined by the market mechanisms of demand and supply. 1. What goods and services to produce: it is the people who decide the mix of goods and services that should be produced and sold in the economy. The people demand those goods and services that they either need or want. Their needs and wants are based on the amount of income they have or wealth they possess to buy the goods and services. Firms then produce and supply the goods and services that are demanded by the customers in order to maximize their profits. 2. How to produce the goods and services: as there are limited resources available to an economy, producers aim to use minimum resources to maximize output and profits. As a result firms use the most effective, efficient and least costly factors of productions to produce the goods and services desired by the consumers in the economy. 3. For whom to produce: as there are only a limited number of resources available hence only a limited amount of goods and services can be produced. People’s income is the major determinant regarding who gets the produced goods and services. Although firms produce the goods and services demanded by the economy, people with more income and more money at their disposal will dominate and be able to buy whatever they desire. Hence as can be seen the basic economic questions are answered in a private enterprise system by the decisions of producers, consumers and the market forces of demand and supply. There are four economic rights in a private enterprise system. The fundamental right on which the whole capitalist system stands is the right to own private property. As the private enterprise system states that resources are privately owned, people have the right to buy, sell, own, use and transfer property. Some forms of property include land, machinery, building, equipment and private possessions. People won’t be able to sell goods and services if they are not allowed the right to own as they will not be able to transfer this right to others through an agreement. The second right that exists in a private enterprise system is that the business owners have the right to keep profits from their business activities after taxes have been paid. Profit is the reward for the business owners as he is the one who takes the risk of investing his privately owned resources in the business hence any income generated by the owner in excess of his costs becomes his profit which he is entitled to keep. Another important right is the right of freedom of choice. People in the private enterprise economy are free to choose their own job, find alternate jobs if they are not satisfied with the current, become part of labor unions, negotiate their wage with the employer, choose from a diverse range of goods and service or choose to set up their own business. As can be highlighted from these examples ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Private enterprise system Research Paper Example | Topics and Well Written Essays - 1500 words”, n.d.)
Private enterprise system Research Paper Example | Topics and Well Written Essays - 1500 words. Retrieved from https://studentshare.org/business/1435132-private-enterprise-system
(Private Enterprise System Research Paper Example | Topics and Well Written Essays - 1500 Words)
Private Enterprise System Research Paper Example | Topics and Well Written Essays - 1500 Words. https://studentshare.org/business/1435132-private-enterprise-system.
“Private Enterprise System Research Paper Example | Topics and Well Written Essays - 1500 Words”, n.d. https://studentshare.org/business/1435132-private-enterprise-system.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
Integrated Enterprise System
...? Integrated Enterprise System/ Enterprise Resource Planning (ERP) systems Grade (14th, April. Integrated Enterprise System Executive Summary The discussion draws attention to the concept of Enterprise Resource Planning (ERP), its benefits, the models applicable in its implementation and the critical success factors for ERP implementation. Further, the discussion investigates why some companies may succeed in the implementation of the ERP system, while others fail in the same. ERP is an information management system that is applied by businesses to facilitate the flow of business...
13 Pages(3250 words)Essay
Enterprise system
...? Enterprise System Q1: The purpose of the Enterprise System is to offer flawless information integration throughout the organization, in the different information areas of the organization. These areas include the accounting and finances function, customer information, human resources and the supply chain management function (Davenport, 1998, p. 121). However, the implementation of an ERP system can increase the number of shadow systems – instead of reducing them – due to the threat of shadow systems. Shadow systems threaten the success of the ERP system’s success; the failure of the...
4 Pages(1000 words)Assignment
Enterprise system
...?Enterprise resource planning system The world of business has changed remarkably in the last half decade. Technology has made it possible for businesses to manage their operations easily. Enterprise resource planning system was introduced for the purpose of managing business operation flawlessly while still maintaining the needs of the customers. This system has made it possible for businesses to grow and expand without compromising the quality of their products and services. Peet’s coffee and tea is one of the companies that have invested in the Enterprise Resource Planning system and the management cannot regret. Peet’s coffee and tea had challenges managing their customer needs, finances and raw materials but all that changed... with the...
12 Pages(3000 words)Assignment
Enterprise Resource Planning System
...Implementing an Enterprise System at Dyson Ltd Executive Summary This report examines the feasibility of implementing an Enterprise Resource Planning(ERP) system, also known as enterprise system, in the company-wide operations of Dyson Ltd. Dyson is a privately held manufacturer of vacuum cleaners and washing machines with operation around the globe. ERP systems are commercial software packages designed to integrate existing administrative systems in the organisation. These areas include finance, human resource, supply chain information and customer information (von Hellens, Nielsen, &...
11 Pages(2750 words)Case Study
Enterprise Resource Planning System
...Enterprise Resource Planning System By Affiliation Table of Contents Table of Contents 1.Introduction 3 2.History 3 3.Enterprise Resource Planning: An overview 4 4.Ways of Implementing ERP 6 5.Importance of ERP 6 6.Benefits of ERP 7 6.1.Elimination of Expensive, Rigid Legacy Systems 7 6.2.Improvement of Work Processes 8 6.3.Improvement in Access to Data for Operational Decision Making 8 6.4.Upgrade of Technology Infrastructure 8 7.Disadvantages of ERP 8 7.1.Expenditure and Time in Implementation 8 7.2.Complexity Implementing Change 8 7.3.Complexity Integrating with Other Systems 9 7.4.Risks in Using One Vendor 9 7.5.Risk of Implementation...
9 Pages(2250 words)Research Paper
Enterprise Database Management System
...Running head: ENTERPRISE DATABASE MANAGEMENT SYSTEM Enterprise Database Management System Introduction The world is moving at a fastpace. There is an expedite increase in the development of technology and innovations are happening in all fields almost every day. The world is moving at such a pace that even our day to day operations are automated. Organizations on their part have also evolved constantly. It has come to a state where any kind of recursive function in any field can be automated. Subsequently, organizations have also started encompassing such technologies into their departments. The introduction of computers and Information Systems has...
8 Pages(2000 words)Term Paper
Enterprise Resource Planning System
...Enterprise Resource Planning System Abstract This paper aims to explore the issues that companies face when purchasing an Enterprise Resource Planning system (ERP system). It also provides brief information on the things to consider when purchasing an ERP system, such as expectations from the vendor and consideration on the amount of influence a vendor has over the purchasing company’s decision. It briefly touches on the issues that vendors usually disregard when pitching for a sale of an ERP system. The paper concludes with the most practical strategy to guarantee that the best ERP option is made available...
4 Pages(1000 words)Research Paper
Enterprise Integration System
...Enterprise Integration System An enterprise ismade of many custom built applications, which operates on different operating platforms. It is not rare to find an enterprise with numerous websites and uncountable number of solutions for the respective departments. We might be wondering a lot what causes many business failures, why the owners of these enterprises allow the businesses to fail and whether or not they are accountable to the losses. Forming a business application has proven to be tough and so is formulating an application to run an enterprise. The enterprise resource planning vendors have been successful in...
12 Pages(3000 words)Essay
Private Enterprise
...Running head: private enterprise 19th July Introduction Security is a major concern worldwide and it is the work of each and every person to be concerned with security matters. For those who deal with the private enterprises, security concerns plays a major role for the protection of critical infrastructure and key resources (CIKR). Department of Homeland Security (DHS) is concerned with security measures where it prevents, recovers and responds to incidences. The paper will discuss how Department of Homeland Security address state, local, tribal, and territorial (SLTT) government, private enterprises, and individuals in the DHS mission areas which includes Prevention, Response and Recovery. Many private enterprises partner... for the...
5 Pages(1250 words)Essay
Public & Private enterprise
...Public and Private Enterprise Public and Private Enterprise Section One Question One The economic theory which is applicable in the country is the theory of welfare economic. This theory is applicable to the country, because it focuses on how to improve social welfare in a country. The theory analysis different issues like public policy design, government failure and market failure and public finance. This theory is used as a tool in a country to improve social welfare and it will help in improving the welfare of the people (Kelly, 2007). Question Two In today’s economy there is clear distinction of private and public goods and services. Different states...
2 Pages(500 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Let us find you another Research Paper on topic Private enterprise system for FREE!
Contact Us