MGTA01H3 Lecture Notes - Smart People, Profit Motive, Monopolistic Competition

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25 Nov 2013
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MGTA01H3 Full Course Notes
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MGTA01H3 Full Course Notes
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There are basic building blocks used to produce anything. natural resources: raw materials found in the ground, grown from the earth, or harvested from nature. > the world"s most profitable companies pump oil from the ground. Labour intensive business: those businesses that need a lot of people as workers. Capital: money, or the machines and technologies that money can buy. Factors of production e. g. computers, hammers, tractors, phones, software. People who assemble and organize the other factors of production. Fifth factor of production (in the textbook): collection of information/data (the prof disagrees, because data is just a bunch of numbers. Information in and of itself is completely useless- you need smart labour and smart people to analyze that information) Google is such a successful company because it takes information and its clever information, organize it, analyze it, and re-package it and sell it to people. The way different countries answer basic economic questions:

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