RSM219H1 Lecture Notes - Market Price, Economic Equilibrium, Oligopoly
16 Apr 2013
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RSM219H1 Full Course Notes
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Document Summary
Business: an organization that seeks to earn profits by providing foods and services. Profit: the money that remains (if any) after a business"s expenses are subtracted from its revenue. Expenses (costs): the money a business spends producing its goods and services and generally running the business. Revenues(sales): the money a business earns selling its products and services. Market: a mechanism for exchange between the buyers and sellers of a particular goods or services. Mixted market economy: an economic system with elements of both a command economy and a market economy; in practice, typical of most nations" economies. Privatization: the transfer of activities from the government to the public sector. Deregulation: a reduction in the number of laws affecting business acitivity. The law of demand: buyers will purchase or demand more of a product as its price drops and less of a product as its price increases.
