MGTA01H3 Lecture Notes - Lecture 3: Canadian Human Rights Act, Planned Economy, Monopolistic Competition

• School: UTSC
• Department: Management
• Course: MGTA01H3
• Professor: Chris Bovaird

Document Summary

Economics the study of how people produce the things they need and want. Economic system the means by which a society produces and distributes the goods & services people need. Who decides what needs to be produced. Who decides how goods and services are produced. Planned economy countries where most of the factors of production are controlled by the state. Only state with law can necessarily feed, employ, etc. nation. Communism a planned economy where all of the factors are owned by the state, and there is no private property. Socialism a planned economy where the government owns the majority of the factors of production and directs majority of productive activity. Allows some room for private property and enterprise. Market economy countries where most of the factors of production are controlled by individuals and entrepreneurship and business ownership are encouraged. People need infinite things, can"t rely on state. State is too far removed from people to know needs.