RSM100Y1 Lecture Notes - Lecture 2: Unbridled, Scimitar, Trade Restriction
Document Summary
Because other countries can produce them more efficiently with lower costs (high labour costs in canada) Opportunity cost from producing television is high because we won"t be producing other things that we are good at or specialize at: canadian business environment, some business history, our economic system, unifor. Canada is a social democracy, with a monarch as head of state. Our economy is widely recognized as a mixed market economy (private individual citizens can own business, govt. can own business, corporations can own business) In canada, capitalism is not unbridled (canadian moto=peace, order and good govt. ) Public (gov"t) ownership as well as private. Adam smith"s (1776) invisible hand is at work. Wealth (n): an abundance of material possessions and resources; property that has economic utility. Today, canada"s wealth is derived mostly from trade (and mostly with u. s. ) Some maps, charts and graphs (stats not important) (trends are important) We the best at producing lumber :) .
