MGTA01H3 Chapter Notes - Chapter 5: Toronto Star, The Seller, Coffee Culture
14
MGTA01H3 Full Course Notes
Verified Note
14 documents
Document Summary
When buyers & sellers interact how markets work. Chapter overview: a market is an accumulation of interactions people wanting to buy something talk, exchange information, and negotiate with people wanting to sell something. Ideally, if there are lots of potential buyers in a market, and lots of sellers, everyone can shop around, collect lots of information, and exercise some choice: not all markets are the same. Torontorentals. com or 4rent. ca : landlords publicize their vacancies in the pages of now magazine or the toronto. Information is exchanged between consumer and vendor: prices are negotiated, a sale is completed or not, market prices are set by hundreds of buyers and sellers making thousands of transactions every minute of every day. Perfect competition many sellers and lots of choice: a perfectly competitive market is known as perfect competition, perfect competition: a market that is characterized by a large number of small sellers.
