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York University
Administrative Studies
ADMS 1000
Indira Somwaru

ADMS1000 Midterm Exam Notes Chapter 1 7 Forces of the External Environment - External Environment – factors that have the ability to shape/influence organizations - Economic factors: pertaining to economy. Ex. Recession, depression, etc - Competitive Forces: # of competitors, nature of competition, global + foreign competition - Technological Forces: Any technological innovations. Ex. Invention of telecommunication - Labour Forces: employment rates, accessibility for those with disabilities, using your work force - Global Forces: international economics + politics, societal forces, foreign ownership - Political Forces: international trade, deregulation + privatization, introduction of neoliberalism - Societal Forces: human rights, CSR, pay equity, consumer taste GDP= the total value of a country’s output of goods + services in a given year 4 Types of Competition - Perfect Competition: consists of many small firms producing identical products. Ex. agriculture - Monopolistic Competition: many small firms producing slightly different products. Ex. Retail - Oligopoly: Small number of producers with different products. Ex. Car, airplane - Monopoly Competition: one firm is only supplier. Ex. LCBO in Ontario Chapter 2 5 Factors of Production - Natural Resources: land + raw material - Labour: Work force - Capital: buildings, machinery, tools + equipment -Knowledge: Specialized education, skills + experience -Entrepreneurs: Individuals who start up business Two Approaches to Analyzing the Economy. - Microeconomics: study of small components of economy, such as individuals + business - Analyses consumer demand + existing supply -Macroeconomics: Study of economy as a whole; unemployment, inflation, GDP Types of Economic System - market economies: endorses capitalism, free market, competition, competes freely for profit - communism: governments own most of country’s resources+ economic decision. Ex. Cuba + NK - Socialism: governments have ownership/ control of major industries (healthcare, education), heavily taxed+ distributed - Mixed economy: market + socialism. Ex. Canada Types of Competition in Free Market -Perfect/Pure Competition: larger # of buyers looking for the lowest price, no barriers to entry, - Monopoly: 1 company in given market = price setters, significant barriers - natural monopoly occurs when economic + technical conditions only allow for 1 efficient producer - limited monopoly: may exist when a company has a patent - Oligopoly: few competitors, high barriers of entry. Ex. Aircraft, banking - Monopolistic Competition: most industries in free market, minor differences in products. Ex.
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