BUS 201 Lecture Notes - Lecture 2: Quickcheck, Planned Economy, Perfect Competition

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 201
• Professor: Susan Christie- Bell

Document Summary

Bus 201-d300 lecture 2: the environment of business. 1, the most important difference between command economies and market economies is ____: access to human rights, who controls the factors of production, the government in power, freedom of the press. This is consistent with the idea of ___: communism, input and output markets, socialism, privatization. 3, the political basis for the free market economy is called ____ which allows private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive: marxism, capitalism, consumerism, socialism. 4, if u2 is playing to a sold-out concert this friday night but tickets are still in high demand, concert-goers are likely to (cid:271)uy ti(cid:272)kets fro(cid:373) (cid:858)s(cid:272)alpers(cid:859) at pri(cid:272)es considerably higher than the original price. 5, the markets for laundry detergents, soft drinks and cars are all dominated by just a few producers. In terms of competition these markets are described by the term: perfect competition, monopoly, oligopoly, pure competition.