MGTA01H3 Lecture Notes - Lecture 3: Authoritarianism, Market Economy, Economic System
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MGTA01H3 Full Course Notes
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Document Summary
The reason people choose to co-operate is for their mutual benefit and protection. Economics: the study of how people produce that things they need and want. Goods and services are produced and made available to us from a mix of for-profit and not-for-profit organizations; this arrangement is called canada"s economic system . Economic system: the means by which a society produces and distributes the goods and services that it"s people need. Through its economic system, a country determines the following: who owns the factors of production, who controls the factors of production, who decides what needs to be produced, who decides how goods and services are distributed. Not every country produces and distributes goods and services in exactly the same way. Therefore, businesses have no concern for those who aren"t customers, or do not have money to buy products. Only the state has a benevolent interest in the welfare of all members of society .
