BUSN 70 Lecture Notes - Lecture 2: Pacific Gas And Electric Company, Investment, Progressive Alliance Of Socialists And Democrats
13 Mar 2021
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Ch 1: the dynamics of business and economics. Economic system = a description of how a particular society distributes its resources to produce goods and services. All economic systems must address these 3 important issues: Based on if the country is socialist, communist, or capitalist. First described by karl marx as a society in which the people, without regard to class, own all the nation"s resources. On paper it appears efficient, but in practice, these economies suffer from: An economic system in which the government owns and operates basic industries but individuals own most businesses. Most socialist countries are democratic and recognize individual freedoms. The socialist system may allow a higher standard of living and is more stable; but taxes and unemployment are generally higher in socialist countries. Government owns and operates but individuals can do business whereas commuist = all government owned and operated.
