MGTA05H3 Chapter Notes -Social Darwinism, Planned Economy, Market Economy
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MGTA05H3 Full Course Notes
Verified Note
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Identify communism, socialism, mixed-market and economics pure capitalism. Identify which economic system we have in canada. Highlight some important historical examples of and explain the intended benefits from it governments taking control of the factors of production and assuming responsibility for producing goods and services. How nationalization can be used in the conduct of producing goods and services (define and explain) Explain some of the costs and deficiencies of. How privatization is used by the government in many government ownership countries (define and explain) Economics: the study of how people produce the things they need and want. Economic system: the means by which a society produces and distributes the goods and services that its people need. Individual business owners are closer to their customers than government planners (have more current and better information) Personal income tax, corporate income tax, sales tax.
