MGTA01H3 Lecture Notes - Lecture 1: Monopolistic Competition, Bloomberg Businessweek, Perfect Competition

• School: UTSC
• Department: Management
• Course: MGTA01H3
• Professor: Chris Bovaird

Document Summary

Transfer ownership of businesses or industries out of government hands. It turns ownership of businesses to private owners. Because individuals understand customers needs better, move faster, more efficient than the government. Every society tries to feed, clothe, and house its people, because of different geographies, different climates, different cultures. No two countries do these things exactly the same way. Almost every country produces the things its people need through a business + government or government + business combination of: Some markets have lots of sellers (good for buyers, lots of choice, fair price ) Some markets have few seller ( less choice, good for sellers higher price ) Some markets have one seller ( no choice, great for sellers high price ) The combination of the numbers of buyers and sellers in a market: All are large (big businesses, thousands of emplyess) They differentiate (try and tell the customers how they are different from others )