VPAA12H3 Lecture : Lecure Notes

8) In a command economy a) there are no entrepreneurs entrepreneurs must share their business with the state the government takes the lead in planning the economy businesses pay 100% of their profits in taxes

4) In a mixed market economy a) the government owns a share in all businesses private enterprises are permitted, but only in certain industries private enterprises pay some of their profits to the government most enterprises are privately owned, but not the banks

36) Market economies have all of the following characteristics, except that they: a) b) c) d) encourage entrepreneurship by offering profits as an incentive allow customers free choice require government intervention in order to prosper allow businesses to charge whatever they want for their products and services