COMMERCE 1E03 Lecture Notes - Lecture 4: Monopolistic Competition, Mixed Economy, Marketing Mix
17 Jan 2017
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Document Summary
Economics is the study of how society chooses to employ resources (the ve factors of production) to produce products and distribute them for consumption among various competing groups and individuals. Economic concepts are the basis for most major business decisions. Both the global economy and the canadian economy have an effect on canadian business: includes understanding the role of the federal and provincial governments in canada. Macroeconomics looks at the operation of a nation"s economy as a whole. Microeconomics looks at the behaviour of people and organizations in particular markets. Tuesday january 17th, 2017: many buyers and sellers for similar products, perfect information, no buyer or seller is powerful enough to affect the price, distribution is important. Monopolistic competition: large number of sellers for unique but sustainable products, pricing is important. Oligopoly: few large sellers/competitors for similar products, sellers have large control over price, promotion is key to achieve perceived product differences as do not tend to compete on price.
