MGTA01H3 Chapter Notes - Chapter 1: Genuine Progress Indicator, Purchasing Power Parity, Gross Domestic Product
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MGTA01H3 Full Course Notes
Verified Note
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Document Summary
Economic system: way which nation allocates resources among citizens. Capitalism: political idea with private ownership and encouragement of entrepreneurship: mixed-market economies: most economic systems, elements of both command and market. Current trend towards privatization (transfer of government activities to public sector because government0managed industries are inefficient) and deregulation (reducing laws that affect business activities): governments influence business as 6 things, customers (e. g. : office supplies. Military supplies: competitors (e. g. crown corporations owned by government compete with private sector, regulator: Protecting competition: e. g. : ensuring healthy competition, protecting smaller firms. Protecting consumers: e. g. : safety standards, warning labels. : laws governing emissions and waste: taxation agent: revenue taxes fund government programs, either. Progressive (higher tax rate for higher incomes) or regressive (lower incomes pay higher percentage of income). : subsidies, data on stats canada, export insurance: provider of essential services: e. g.
