MGTA01H3 Lecture Notes - Lecture 3: Mixed Economy, Friedrich Engels, Operations Management
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MGTA01H3 Full Course Notes
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Chapter 3 business (lecture: owning and controlling the factor of production (title, economics: the study of how people produce the things they need and want. In some economic systems, the government are in control while others are controlled by individuals: people working together get to produce more of the product. A village works on a farm together so they can produce more crops to sell, to make more money. People build a house together so they can build a house faster. When working together one person needs decide who get to make all the final decions. This is known as economic questions. (eg. who is in charge of what, People in different countries do things differently. (eg. people in china would build houses differently than in canada) The government is usually the one in charge of the country: a communism is a planned economy (government makes the decision?, countries are found somewhere in between a planned and market economy.
