MGTA03 - Week 3 - January 22, 2013

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Published on 15 Apr 2013
School
UTSC
Department
Management (MGT)
Course
MGTA01H3
Professor
MGTA03 Intro to Management Week 3 January 22, 2013
This Week : Main points
- Factors of Production
- Economic Systems
o Command economies
o Markey Economies
- Supply and Demand
- Degrees of Competition
Communist Country North Korean (Kim family) The government owns 100% of the factors
Pure Capitalism - No countries that are Pure Capitalism
Mixed China, Canada, USA, Great Britain, Germany
How Market Economies Work
- Market
o Not a place a bunch of activities
Ex. Housing Market, Labour Market
Housing Market They put an ad up and contacted a real estate agent
Labour Market Blast out your resume and phone up people who could
help you possibly get a job
- Market
o Exchanges between buyers and sellers
o A market is a theoretical idea of 100’s, thousands of people selling and buying stuff
How Markets Work: Supply and Demand
- The Law of Supply
o Producers will offer more of a product as its price increases, less as it drops
- The Law of Demand
o Consumers will purchase more of a product as its price drops, less as it rises
Degrees of Competition
- Not all markets are the same:
o Ability of buyers to negotiate “good” prices, depends on number of sellers in the market
Some markets have lots of sellers
Some markets have few sellers
Some markets have only one seller
Perfect Competition
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Document Summary

Mgta03 intro to management week 3 january 22, 2013. Communist country north korean (kim family) the government owns 100% of the factors. Pure capitalism - no countries that are pure capitalism. Mixed china, canada, usa, great britain, germany. Market: not a place a bunch of activities. Housing market they put an ad up and contacted a real estate agent. Labour market blast out your resume and phone up people who could help you possibly get a job. Market: exchanges between buyers and sellers, a market is a theoretical idea of 100"s, thousands of people selling and buying stuff. The law of supply: producers will offer more of a product as its price increases, less as it drops. The law of demand: consumers will purchase more of a product as its price drops, less as it rises. Not all markets are the same: ability of buyers to negotiate good prices, depends on number of sellers in the market.

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