MGTA01H3 Lecture Notes - Lecture 2: Planned Economy, Monopolistic Competition, Perfect Competition
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MGTA01H3 Full Course Notes
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Out of which, he highlighted: factors of production: labour, natural resources, capital, entrepreneurs* *textbook did not include entrepreneurs before, likely b/c they were not recognized for their importance. Think of it this way: labour, natural resources and capital do not just suddenly come together to make a business. There needs to be people who take the risks to bring these together, with the intent of making profit. => entreprenurship is a fundamental to economy, critical dimension of the factors of production. Main points - of today"s lecture: economic systems (command vs. market) Mixed economies (the actual forms of economies we see nowadays in general) [10] to [11: supply & demand (law of supply, law of demand, graphing together the two laws, equilibrium) [13] to [14: 4 degrees of competition (perfect competition, monopolistic competition, oligopoly, monopoly) [14] to end (in the [ ], i have put the slide corresponding to that point)