MGTA01H3 Lecture Notes - Lecture 4: Tim Hortons, Telus, Liquor Control Board Of Ontario

• School: UTSC
• Department: Management (MGT)
• Course: MGTA01H3
• Professor: Professor Boivard

Document Summary

Market: a bunch of activities, not a place. Market the interaction of buyers and sellers, exchanging information about goods and services for sale. It does not refer to the physical place or part of town, but rather refers to the activities that occur in those places. A market with a number of activities can be illustrated if were to think of the housing market. The notion of a market as an abstract idea, rather than a physical place. In a market, prices are set by buyers and sellers. Sellers hoping to maximise the revenue that they get, will charge as much as they reasonably can. Shoppers, hoping to get a deal will attempt to pay as little as they can. Price setting happens in markets every time a buyer meets a seller. The market system allows even encourages would be entrepreneurs to establish businesses. Anyone who chooses may start a business.