MGTA01H3 Lecture Notes - Lecture 4: Oligopoly, Liquor Control Board Of Ontario, Monopolistic Competition
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We spe(cid:374)t last le(cid:272)ture e(cid:454)plori(cid:374)g the (cid:862)fa(cid:272)tors of produ(cid:272)tio(cid:374)(cid:863) of a busi(cid:374)ess. Factors of production are the basic parts which, when combined, make a business. These included: natural resources, labor, capital, entrepreneurs. We also spe(cid:374)t last (cid:449)eek e(cid:454)plori(cid:374)g the topi(cid:272) of (cid:862)busi(cid:374)ess economics(cid:863) Economics is (cid:271)est defi(cid:374)ed as (cid:862)the stud(cid:455) of ho(cid:449) people produ(cid:272)e the thi(cid:374)gs the(cid:455) (cid:449)a(cid:374)t a(cid:374)d (cid:374)eed(cid:863) Now, it is very common that the answers to these questions vary across the economic systems throughout the countries in the world. However, it is known that the only groups of people that can take ownership are the. Individual businesses are closer to their customers than their government planners. Individual businesses owners have more current and better information about what people in their towns actually need. Individual businesses owners can respond quickly to better satisfy people"s (cid:374)eeds: government control concentrates power and power corrupts, there are two types of market economic systems, pure capitalism.
