MGTA01H3 Chapter Notes - Chapter 3: Unemployment Benefits, Authoritarianism, Canadian National Railway

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Published on 18 Sep 2018
School
Department
Course
Professor
MGTA01 Lecture 3 Economic Systems: Who Owns and Controls the Factors of
Production
Resources: (All notes compiled from lecture 3 slides and Introduction to Canadian Business by
Chris Bovaird)
Review
How are we going to produce things?
The wants or needs we consider pertains to what economic considerations are in place
Q: What is the difference between economics and business?
A: Economics are the big philosophical study of why people behave as they do, while a
business answers the how people behave as they do.
How people behave as they do in a business is through an organized effort to produce
something for a profit. A business is a term that fits into the BIGGER economic system.
Chapter 3
Important terms
Planned vs. Market
Nationalism
Government ownership
Private enterprise
for one’s convenience and is efficient
State-run enterprise
without competition and inefficient to a certain extent
Planned economies
Use the smartest people
Government is the leader
Downfall: to produce the correct quantities of every conceivable good/service
There are 2 TYPES:
1. Communism
Idea by Marx and Engels
Think North Korea as an example
All factors owned by the state
2. Socialism
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Document Summary

Mgta01 lecture 3 economic systems: who owns and controls the factors of. Resources: (all notes compiled from lecture 3 slides and introduction to canadian business by. A: economics are the big philosophical study of why people behave as they do, while a business answers the how people behave as they do. How people behave as they do in a business is through an organized effort to produce something for a profit. A business is a term that fits into the bigger economic system. Important terms: planned vs. market, nationalism, government ownership. Private enterprise for one"s convenience and is efficient. State-run enterprise: without competition and inefficient to a certain extent. Planned economies: use the smartest people, government is the leader, downfall: to produce the correct quantities of every conceivable good/service. Idea by marx and engels: communism, think north korea as an example, all factors owned by the state, socialism.

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