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4 Cards in this Set
- Front
- Back
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Describe different types of Global economic systems according to the means by which they control the factors of production through input and output. |
An economic system is a nation's system for allocating its resources among its citizens. Economic systems differ in terms of who owns or controls the five basic factors or production: labour, capital, entrepreneurs, natural resources and information. Command economies have control in all of these things. Market economies which are based on the principles of capitalism, individuals and businesses control the factors of production and exchange them through input and output markets. |
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Describe the interactions between business and government in Canada. |
Government can play the role of customer, competitor, regulator, taxation agent, provider of incentives, and provide of essential services. |
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Show how demand and supply affect resource distribution in Canada. |
Demand is the willingness and ability of buyers to purchase a good or service Supply is the willingness and ability of producers to offer goods or services for sale. |
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Identify the elements of private enterprise, and explain the various degrees of competition in the Canadian Economic System. |
Private enterprise: private property rights, freedom of choice, profits, and competition. Under conditions of pure competition, numerous small firms compete in a market governed entirely by demand and supply. In monopolistic competition there are a smaller number of sellers, and each one tries to make its product seems different. |
