Chapter 1B Lecture

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Department
Management (MGT)
Course
MGTA01H3
Professor
Ingrid L.Stefanovic
Semester
Fall

Description
Business and Exchanges the Economic System o Economic systems o Businesses generate profits through exchanges o A group of businesses, and other non-business organizations, the members of which engage in exchanges in a regular and organized way, forms an economic system o How are the factors of production and the exchanges between businesses organized in different economic systems? o Who owns and manages the factors of production? o On what basis are decisions made? o How is the economic system regulated? Command Systems Market based Systems Mixed Systems o These distinctions are one way of understanding how economic systems are organized and regulated o Command Systems o Centralized, usually government,
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