Class Notes (836,277)
Canada (509,738)
York University (35,302)
ADMS 1010 (296)
Yong Troy (33)
Lecture 3

Week 3 Canada Expands: Agricultire and Manufacturing [p1]

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Department
Administrative Studies
Course
ADMS 1010
Professor
Yong Troy
Semester
Fall

Description
Week 3Canada Expands Agriculture and Manufacturing ADMS 1010TroyPart IA Mixed Economy What is itContains private ownership and stateownership of the means of production infrastructure and institutions It allows for private financial decisions by businesses and individuals Government has the power to override these decisions through legislationA Market Economy What is itA market economy is an economy in which goods and services are traded Governed by the law of supply and demand Prices are determined in a separate market for each commodityPrices act as the signaling mechanism to answer all basic economic questions Performance Criteria of a Mixed and Market EconomyThe emphasis is on achieving maximum output per person or per person employed Freedom of choice is available to both producers
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