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Lecture 2

Week 2 - The Economic Context.docx

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Administrative Studies
ADMS 1000
Eytan Lasry

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
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