MGTA01H3 Chapter Notes - Chapter 3: Taxation In Canada, Economic System, Planned Economy

• School: UTSC
• Department: Management (MGT)
• Course: MGTA01H3
• Professor: Chris Bovaird

Document Summary

Economic system: who owns and controls the factors of production chapter 3. Economic: the study of how people produce the things they need and want. Goods and services come from a mixed of for-profit and not-for-profit organisations aka. Economic system: the means by which a society produces and distributes the goods and services that its people need. A country determines the following: who owns the factors of production, who controls the factors of production, who decides what needs to be produced, who decides how goods and services are distributed. Not all economic systems are the same can be influenced by politics, culture and traditions in different ways. Planned economies- countries in which most of the factors of production are controlled by the state. Views: only the state with the ability to create and enforce laws, has the power and authority to feed, clothe etc the entire population.