MGTA01H3 Chapter Notes - Chapter 3: Matpat, Authoritarianism, Hydro One
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MGTA01H3 Full Course Notes
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Chapter 3: economic systems who owns and controls the factors of production. And economic system is the means by which a society, for example a country like canada, produces and distributes the goods and services needed by its people. This chapter looks at 3 ways the government in which government intervenes in the system which produces. Ca(cid:374)ada"s goods a(cid:374)d se(cid:396)(cid:448)i(cid:272)es: the government collects taxes from individuals and businesses, the government regulates the conduct of business, the government supplies some products and services, competing with businesses. Economics: the study of how people produce the things they need and want. The goods and services that are produced and made available to us are a mix of for-profit and not-for-profit organizations (called economic systems) Economic system: the means by which a society produces and distributes the goods and services that its people need.
