Mgta01h3 lecture 3 owning and controlling the factors. Lecture 3 will cover chapter 3 of the introduction to canadian business textbook. Economic systems are the means by which countries and governments distribute resources and trade goods and services. They are used to control the five factors of production, including: labour, capital, entrepreneurs, physical resources and information resources. The purpose of an economic system is to assemble and organise its resources, make things people want in order for people to buy them, and earn creative profits for business in order for everyone to be better off. External environment everything outside an organization"s boundaries that might affect it. Economic environment conditions of the economic system in which an organization operates. Canadian businesses have a way of measuring economic success and progress. They work towards answering questions that answer whether these are things that people want, quickly and efficiently, using all available resources at reasonable prices.