COMMERCE 1B03 Study Guide - Midterm Guide: Marketing Mix, General Agreement On Tariffs And Trade, Canada Health Transfer
10 Feb 2014
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Document Summary
Coined invisible hand the process that turns self-directed gain into social and economic benefits for all (ex: farms) Socialism - some free market and some government allocation. Communism= is an economic and political system in which the government makes. Almost all economic decisions and owns almost all factors of production (land, labour, capitalism. Capitalism - individuals seeking profits produce products and these products are sold in a free market to those who can pay for them. The foundations of capitalism: free market = exists when the market largely determines what g&s are produced, who gets them and how the economy grows. Capitalism is used to describe this economic system: command market = exists when the government largely determines what g&s are produced, who gets them and how the economy grows. Socialism and communism are used to describe variations of this economic system.
