BUS 201 Study Guide - Midterm Guide: Privately Held Company, Fiscal Policy, Social Skills
28 Feb 2018
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Natural resources (products used to help make products or services to sell) Many roles of government: customer, buy products and services from entrepreneurs eg. construction contractors, regulator, make laws and regulations, competitor, create completion in an industry with crown corporations eg. icbc for car insurance. Taxation agent: collect taxes to invest into the country. Incentives: electric car tax savings and rebate, driving in hov lane with certain number of people in car. Supply and demand: higher prices = less sales. Lower prices = more sales: goal is to find a supply and demand equilibrium to maximize profits. But when there are less seats available prices will go up and whoever is willing to pay for the tickets at that higher price will pay. Some industries are more competitive than others: eg. food industry. More competitive because it is easy to make food, therefore lower prices and quality will be a factor when purchasing food: social medial.
