Class Notes (836,580)
Canada (509,856)
York University (35,328)
ADMS 1000 (546)
Eytan Lasry (108)
Lecture 2

Week 2 - The Economic Context.docx

3 Pages
67 Views
Unlock Document

Department
Administrative Studies
Course
ADMS 1000
Professor
Eytan Lasry
Semester
Fall

Description
ADMS 1000 th WEEK 2: THE ECONOMIC CONTEXT – September 17 , 2013 Factors of Production • Labour • Capital • Natural Resources • Entrepreneurs • Knowledge Types of Economic Systems • Command/Centrally-planned Economies o Communism: Government controls the factors of production o Socialism • Market Economies o Capitalism: Privately-controlled factors of production • Mixed Market Economies o Canada! o Free market, but things like healthcare and infrastructure are controlled by the government Types of Competition • Perfect Competition o Undifferentiated products o Infinite buyers and sellers o Perfect information o No entry/exit barriers o No market power - firms are price-takers o No money can be made; the price keeps going down to the marginal cost o e.g. commodities, financial assets ADMS 1000 • Monopolistic Competition o Products are close but imperfect substitutes o Many firms o Some market power to set prices o e.g. restaurants, dry-cleaning • Oligopoly o Small number of firms o High entry barriers
More Less

Related notes for ADMS 1000

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit