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Lecture 2

Week 2 - The Economic Context.ppt

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Administrative Studies
ADMS 1000
Eytan Lasry

Week 2 – The Economic Context Overview of key economic concepts and how they affect business organizations. • Chapter 2 • Film: The Corporation 1 The Factors of Production  Labour  Capital  Natural Resources  Entrepreneurs  Knowledge 2 Types of Economic Systems  Command/Centrally-planned Economies  Communism: Government controls the factors of production  Socialism  Market Economies  Capitalism: Privately-controlled factors of production  Mixed Market Economies  Canada! 3 Types of Competition  Perfect Competition  Undifferentiated products  Infinite buyers and sellers  Perfect information  No entry/exit barriers  No market power - firms are price-takers  e.g. commodities, financial assets  Monopolistic Competition  Products are close but imperfect substitutes  Many firms  Some market power to set pri
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