Class Notes (837,969)
Canada (510,604)
MGMA01H3 (97)
Mcmulkin (3)

The Competitive Market

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Management (MGM)

The Competitive Market Free Market- Canadians live in a free-market society. This is an economic system that permits profit, competition, and private property. Profit- the amount of money left over from the sale of goods or services after all expenses have been paid; the reward that an owner receives for taking risks. Competition- creates a desire to achieve our money N Perfect competition: is a market characterized by a large number of small companies, none of whom have an opportunity for market control. N Monopolistic competition: is a market consisting of a large number of companies, each having an opportunity for a degree of market control N Oligopoly: is a market with a small number of large companies, each with a substantial amount of market control. N Monopoly: is a market in which a single company has complete market control. Research and Development Department- a portion of the company that supports the creation of new products. Direct competition vs. indirect competition Products that are very similar are in direct competition for consumer dollar. Indirect competition
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