MGTA01H3 Chapter Notes - Chapter 4: Perfect Competition, Market Economy, Oligopoly
14
MGTA01H3 Full Course Notes
Verified Note
14 documents
Document Summary
Chapter 4: when buyers and sellers interact - how markets work. Market: a bunch of activities, not a place. In our day to day lives many of us will be familiar with going to the grocery store. The word market does not refer to a physical place. Instead the word refers to the activities that occur in those places - buyers are hoping to encounter sellers, to see the wares on offer, to ask questions, haggle over prices, make a purchase. Sellers are hoping to attract a crowd, promote the qualities of their wares, and to inters and excite potential customers. Market is an interaction of buyers and sellers, exchanging info about goods and services for sale. Market: the interaction of buyers and sellers, exchanging info about goods and services for sale. The notion of a market not being a place, but a number of activities - think of housing market.
