MGTA01H3 Chapter 1-2: chapters 1 and 2.doc
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MGTA01H3 Full Course Notes
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Market economies: a mechanism for exchange between buyers and sellers of a particular good or service, i. e. both buyers and sellers have freedom of choice, overpricing, and selling group: capitalism: a type of market economy offering private ownership of the factors of production and of profits from business activity, mixed market economy: a system featuring characteristics of both command and market economies (cid:222) most countries of the eastern bloc have adopted this. Reasons: protecting competition, consumers, the environment, achieve social goals (cid:222) (cid:222) (cid:222: government as a taxation agent governments, federal, provincial and municipal. /(equilibrium point): price at which the quantity of (cid:222) (cid:222) (cid:222) (cid:222) (cid:222) (cid:222) (cid:222) (cid:222) : you can choose what to produce, what to buy, who to: freedom of choice in the hands of individuals hire, and sell to anybody you wish security of working for someone else the consumers demand and profits, competition, profits.
