MGTA01H3 Study Guide - Economic System, Oligopoly, Limited Liability

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MGTA01H3 Full Course Notes
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MGTA01H3 Full Course Notes
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Sell to customers who need/want something to make profit. The $ that comes in: revenue or sales. Not all organizations are businesses (not for profit organizations: provide services but not intended for profit (hospitals, universities churches) Economic systems: command economies, market economies. There are basic building blocks used to produce anything. We call those basic building blocks: factors of production . Raw material found in the ground, grown from the earth, or harvested from nature: ex: coal, wheat, water, wood, oil. Money, or the machines and technologies that money can buy: ex: phones, hammers, tractors software. People who assemble and organize the other factors of production. Different countries have different approaches to basic economic questions: Market economies (individuals: mixed market: make regulations, collect tax, runs some business, pure capitalism: government leaves business alone. A bunch of activities e. g. labor market, housing market. Ability to negotiate a good price i. e. low if buyer.

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