MGMT 2150 Lecture Notes - Lecture 2: Oligopoly, Monopolistic Competition

• School: University of Guelph
• Department: Management
• Course: MGMT 2150
• Professor: Mir Lofti

Document Summary

Business: any activity that provides goods or services to consumers for the purpose of making a profit. Restaurants and coffee shops offer both a good and a service. Management: planning, organizing, staffing, directing, and controlling a company"s resources to achieve its goals. Operations: converting resources into goods or services ensuring that products are of high quality. Marketing: all of the organizational activities involved in identifying customers" needs and designing, pricing, promoting and delivering products to meet those needs. Accountants: measure, summarize and communicate financial and managerial information. Finance: involves planning for obtaining, and managing a company"s funds. Economics: the study of how scarce resources are used to produce outputs (goods and services) to be distributed among people. Capitalism: free market, private ownership and independent control over businesses. Communism: no freedom when it comes to businesses. Oligopoly: more than one seller with a similar product for multiple consumers. Perfect competition: many sellers, selling the same product to many consumers.