ADMN 1000H Chapter 9: Chapter 9
3 Dec 2016
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Document Summary
Mixed system an economic system that involves a capitalist economy with an important government role: most economies today are considered mixed systems. Capitalism an economic system based on the rights of the individual, the rights of private property, and competition and minimal government interference. Invisible hand of the market adam smith argued that, by pursuing their own self-interest, individuals (cid:498)are led by an invisible hand(cid:499) to promote the greater public interest, even if that is not their intention. Laissez faire a term meaning that businesses or manufacturers should be free to make and sell what they please and, consequently, reflects the notion that government should not interfere with the economic affairs of business. Free enterprise system another term for laissez faire, or the capitalist notion that the government should not interfere too much in business affairs. Government of canada is organized into three levels: federal, provincial/territorial, municipal.
