MGTA01H3 Lecture Notes - Lecture 3: Economic System, Liquor Control Board Of Ontario
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MGTA01H3 Full Course Notes
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Lecture 3 ~ owning and controlling the factors of production. This week we will look at the following: economic systems ~ explained, economic systems ~ 4 types, canada"s economic system, history: which system works the best. Economic: the study of how people produce the things they need and want, what to produce, what to consume, how to produce it, how to share it. Terminology: state means a country, its people and its territory, canada is a state, a state is lasting, canada is 148 years old, a government runs the state, govt are temporary and change. Market economies ~ 2 types: pure capitalism: a. b. Individuals make 100% of economic decisions i. e. none: mixed markets: a. b. individuals own/controls majority of factors of production. Individuals make most of economic decisions i. e. canada, usa, uk, france. Individuals business owners are closer to their customers than govt planners.
