RSM100Y1 Lecture Notes - Lecture 5: Capitalism
Document Summary
In canada you cannot purchase natural resources. These resources are owned by the provincial governments in those areas. Royalties are paid, and into the provincial treasury. Wealth creation: combining materials, ideas, labour, technology so that the output can be sold for more than costs. This profit brings wealth to the people and society involved in production. Someone who is willing to buy at necessary price. Wealth/ gdp (n): the annual produce of the land and labour of society . Free enterprise reigns in canada, yet there are still government owned companies. The canadian government continues to own businesses, many of these are legacies of scale. Taking these government owned businesses and privatizing them. Help to supply human resources, natural resources. Public school system: highly educated work force. Mandatory to go to school until you are literate and numerate. A supportive system for the entrepreneurial process. The market will provide for both success and failure.
