REM 300 Lecture Notes - Lecture 5: Gross National Product, Disposable And Discretionary Income, Business Cycle
12 Oct 2016
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Chapter seven: economics and the real estate market: Canada"s economy is best described as a mixed economy an economy consisting of both private economic units (individual, families, and corporations) as well as government participation in the direction of economic activity and production of goods/services. Factors of production business (use factors of production and the entrepreneurial skills to make consumer products) goods and services (product distribution) consumer. The government is in the middle as they affect the flow variously as a user, regulator and producer of many goods and services. Payment of money circulates in a counter-clockwise direction to the flow on the chart because most transactions involve the payment of money in return for goods and services. Canadian economy is considered to be a price system as oppose to a barter/exchange system. Primary indicators: resource markets (land, labor, capital and entrepreneurial skills); businesses (supply); and consumers (demand).
