MGTA01H3 Lecture Notes - Lecture 2: Taxation In Canada, Monopolistic Competition, Risk Aversion
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MGTA01H3 Full Course Notes
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Document Summary
Marxism: economic and political theories that argue owner of the means of production are a class of people who grow wealthy by exploiting the labour of others. People should be left to pursue their own self-interest, without government interference. Liberalism assumes that people will make the choice to cooperate with other because it is in their best interest to do so. Basic building blocks that when combined together make businesses and produce things. Four factors of production: labour, capital, entrepreneurship, natural resources. Substituting one factor for another so products can be produced more quickly/cheaply. Study of how people produce the things they want and need. Means by which a society produces the goods and services that the people need. Through a country"s economic system the government decides: who owns factors of production, who controls factors of production, who decides what needs to be produced, who decides how goods and services are distributed.
