MGTA05H3 Chapter Notes - Chapter 4: Authoritarianism, Planned Economy, Canadian Broadcasting Corporation
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MGTA05H3 Full Course Notes
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Document Summary
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. Country determines the following: who owns the factors of production, who controls the factors of production, who decides what needs to be produced, who decides how goods and services are distributed. Planned economies: countries in which most of the factors of production are controlled by the state. Market economies: countries in which most of the factors of production are controlled by individuals and where entrepreneurship and business ownership are encouraged. Planned economy: an economic system where the government take the lead role in owning and controlling the factors of production. In a planned economy, the decisions about what get produced and how it gets produced are determined by a government plan.