MGTA01H3 Lecture Notes - Lecture 8: Information Revolution, Perfect Competition, Oligopoly
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Document Summary
The midterm test will take place on october 31st, 2018 from 5:00 pm to 6:30 pm. There should be very few timetable conflicts. The test will cover from chapters 1 through 5. The format will consist of the following. 15-20 multiple choice questions (1 mark each) The test should take around 70 minutes. What is a business: organization, produce or create things, satisfy needs, accept payment, revenue expenses = profit, profit motive, not-for-profit organizations, ada(cid:373) (cid:373)ith a(cid:374)d (cid:862)li(cid:271)eralis(cid:373)(cid:863, karl mar(cid:454) a(cid:374)d (cid:862)(cid:272)o(cid:373)(cid:373)u(cid:374)is(cid:373)(cid:863, business entry and exit, risk and reward. Factors of production: everything is made of parts, (cid:862)fa(cid:272)tors of produ(cid:272)tio(cid:374)(cid:863, natural resources, labor, capital, entrepreneurs, combining the factors, factor intensity, factor substitution. Controlling the factors: e(cid:272)o(cid:374)o(cid:373)i(cid:272)s: (cid:862)ho(cid:449) do (cid:449)e produ(cid:272)e e(cid:374)ough? (cid:863, planned: government leads, market: individuals lead, planned: fairer in theory, soviet union: 1917, china: 1948, market: better in practice, ca(cid:374)ada: (cid:862)(cid:373)i(cid:454)ed (cid:373)arket(cid:863, nationalization, privatization.
