SOCSCI 2BU3 Study Guide - Midterm Guide: Corporate Social Responsibility, Income Distribution, Opportunity Cost

• School: McMaster University
• Department: Social Sciences
• Course: SOCSCI 2BU3
• Professor: Susan Milton

Document Summary

Typ e s o f ec o n o m ic s ys te m s. Who owns /controls fa ctors of p roduction. Th e co m m u n is t mo d e l: Gove rnme nt owns the fa ctors of production a nd ma ke s a ll de cis ions re ga rding the dis tribution of re s ource s. Gove rnme nt owns a ll indus trie s , including e s s e ntia l s e rvice s. Th e s o c ia lis t mo d e l. The gove rnme nt owns a nd ope ra te s a ll critica l indus trie s , s uch a s utilitie s a nd ma jor ins titutions (e x. ma nufa cture rs ) Individua ls own non-critica l bus ine s s e s. Ma rke t ec o n o m y.