MGTA01H3 Study Guide - Final Guide: Planned Economy, Economic System, Canadian Business

• School: UTSC
• Department: Management
• Course: MGTA01H3
• Professor: Chris Bovaird

Document Summary

Most plausible reason that people choose to co-operate is for their mutual benefit and protection. Economics: the study of how people produce the things they need and want. Canadians have come to accept that goods and services are produced and made available to us from a mix of for-profit and not-for-profit organizations. Economic system: the means by which a society produces and distributes the goods and services that its people need. Through its choice of economic system, a country determines the following: Who decides how goods and services are distributed. We can divide all the countries of the earth into one of two categories. Planned economies: countries in which most of the factors of production are controlled by the state i. ii. Only the state, with its ability to create and enforce the law, has the power and the authority to feed, clothe, shelter educate and employ the nation"s entire population.