MGTA01H3 Chapter Notes - Chapter 3: Planned Economy, Canada Labour Code, Friedrich Engels
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MGTA01H3 Full Course Notes
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Document Summary
Planned economies: planned economy: an economic system where the government takes the lead in owning and controlling the factors of production. Planned economies: communism: communism: an economic system where all of the factors of production are controlled by the state, and where there is no private property. Market economies: pure capitalism: pure capitalism: an economic system in which all of the factors of production are owned by private individuals. Market economies: mixed markets (cid:862)mi(cid:454)ed market(cid:863) eco(cid:374)o(cid:373)(cid:455): a country where ownership and control of most of the factors of production is in the hands of private individuals. However, the government provides a stable and conducive environment by providing public services, enforces laws, and provides regulation and oversight: majority of countries utilize this economic system, most of them being large and wealthy countries like. Mixed market economies and the role of the state: governments in mixed market economies interact with businesses in three main ways:
