COMM 1010 Lecture Notes - Lecture 2: Planned Economy, Oligopoly, Economic Equilibrium
12 Oct 2018
School
Department
Course
Professor
COMM 1010 verified notes
2/13View all
Document Summary
The study is how societies produce and distribute their gis amongst various segments of their population. Factors of production: labour, capital, entrepreneurs, natural resources. Karl marx: communism- a system in which the government owns and operates all sources of production. Socialism- the government owns and operates only selected major industries. Smaller businesses such as clothing stores and restaurants may be privately owned. An economic system in which government controls all or most factors of production and makes all or most production decisions. An economic system in which individuals control all or most factors of production and make all or most production decisions. Input market: firms buy resources that they need in the production of goods and services. Output market: firms supply goods and services in response to demand on the part of consumers. An economic system with elements of both a command economy and a market economy; in practice, typical of most nations" economies.
