MGTA01H3 Lecture 3: MGTA03 - Week 3 - January 22, 2013
15 Apr 2013
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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.
