[COMM 100] - Midterm Exam Guide - Comprehensive Notes for the exam (44 pages long!)
Document Summary
Non-profit organizations: not looking to make a profit. Natural resources: land, mineral deposit, water, electricity. Information: market research, data, resources, can share information. Command economy- communism/ socialism: since the state tells you how much you can produce, more state control, command elements in our economy: health care- since it is managed by the government. Consumers that consume certain good law of demand: price goes down- increase amount bought law of supply, supply want to sell as high as possible, supply as much as long as you get high price for it. Surplus- product is more than what people want. Depend on similarity of products- increase competition. One competitor= monopoly then you have control over the price. Cell phones- there are different types of phones in the world- then depend on what you prefer what features you like as a consumer. Oligopoly large companies, few of the companies: hard to enter into these types of industries, compete within the same oligopoly.
