MGTA05H3 Lecture Notes - Lecture 2: Peer Pressure, Perfect Competition, Oligopoly

• School: UTSC
• Department: Management
• Course: MGTA05H3
• Professor: H Laurence

Document Summary

Brand is a kind of peer pressure & lock-in. Business: economic enterprise that creates value in creating its products and services. It realizes product as an money and transacts money into the business. (pay money to make money) Distinguish diff. b/w business with profit and without profit. Business have: land, labour (time/skill), capital to work with = (productive resources), entrepreneurship (somebody who runs the system) What do i have to work with in order to get that. Rents for land (includes all the raw material production) Resources that we have to create value - technology x. Labour intensive - accounting firm, law firm. Information of the market x: capital - software, land - the building, entrepreneurship, reputation(the big 4 accounting firm, become an expert (giving speeches let ppl recognize you) How to get business: work for it & become an expert. Market is a set of understandings about how we conduct transactions.