MGTA05H3 Chapter Notes - Chapter 4: Authoritarianism, Planned Economy, Canadian Broadcasting Corporation

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MGTA05H3 Full Course Notes

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Economics: the study of how people produce the things they need and want. Economic system: the means by which a society produces and distributes the goods and services that its people need. 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. Planned economies: countries in which most of the factors of production are controlled by the state. Market economies: countries in which most of the factors of production are controlled by individuals and where entrepreneurship and business ownership are encouraged. Planned economy: an economic system where the government take the lead role in owning and controlling the factors of production. In a planned economy, the decisions about what get produced and how it gets produced are determined by a government plan.

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32) Which of the following best describes the term gross domestic product? a) total value of all goods and services produced within a given period by a national economy through domestic factors of production total quantity of goods and services produced by an economic system conditions of the economic system in which an organization operates total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located

36) Which of the following best describes the term standard of living? a) total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system total quantity of goods and services produced by an economic system the overall quality of life produced by an economic system total value of all goods and services produced by a national economy within a given period, regardless of where the factors of production are located

11) Which of the following best describes the term standard of living? total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system total quantity of goods and services produced by an economic system the overall quality of life produced by an economic system total value of all goods and services produced by a national economy within a given period, regardless of where the factors of production are located

MGTA05H3 Chapter Notes - Chapter 4: Authoritarianism, Planned Economy, Canadian Broadcasting Corporation

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