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ADMS 1000 Study Guide - Fall 2018, Comprehensive Midterm Notes - Newsprint, Captive Market, Federal Government Of The United StatesPremium


Department
Administrative Studies
Course Code
ADMS 1000
Professor
Keith Lehrer
Study Guide
Midterm

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York University
ADMS 1000
Introduction to Business
Midterm
Fall 2018
Prof. Keith Lehrer

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ADMS 1000 Lecture 4 Notes Competitive forces in Canada and Job-order and process
costing
Introduction
Imagine a situation where there is only one provider of an important good.
If you require this good, then you must be willing to accept whatever prices the provider
demands.
There is also no assurance regarding the quality of the good.
There is little incentive for the provider of this good to be efficient in operations any
high costs can simple be passed on the consumer in the form of higher prices.
Similarly, there is little need to innovate or produce higher quality products for the
consumer, given that there is no risk of losing this captive market.
Consequently, competition is considered to be an important element
This entails firms competing with each other to provide better products at lower prices
if they want to increase sales and profits.
Our economic system is based on the assumption that sufficient competition exists.
Copetitio is the iisile had that esures the arket orks i this aer.
However, if an industry is relatively concentrated then business can act as price setters,
not price takers.
Of course, with extreme concentration, as is the case with a monopoly, then businesses
can set whatever price they want or collude with other businesses.
Observers suggest that Canada has not taken as strict a stance on this issue as the
United States, where legislation has been aimed at preventing industry concentration.
No, he you thigs Caadia Busiess, hat piture do you ojure i your id?
Lookig ak oer Caada’s past, it has ee argued that e estalished a ertai
pattern for ourselves in term of the types of business activities we emphasized here.
During most of our existence, we have developed as a largely open economy, trading
internationally primarily in resources.
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It has been suggested that our emphasis on the export of our natural resources,
typically in a relatively unprocessed state, has made us more akin to a simple supplier of
raw material, whether it has been logs and lumber, pulp and newsprint, unrefined
minerals, agricultural crops, and so on.
But is that resoure idustry Caada’s opetitie adatage?
First of all, what is a competitive advantage?
o A competitive advantage is achieved when an organization excels in one or more
attributes that allow it to outperform its competitors.
Sport BUFF is dedicated to offering the best selection of officially licensed sports
merchandise and apparel in Montreal.
Customers know that no matter what team they support, Sport BUFF will have a jersey
in stock.
As the Internet and online shopping became more popular, the store owners launched
the website http://www. IceJerseys.com and began offering custom team outfitting
services to hockey teams at all skill levels.
Custoers use a olie tool alled JerseyBuilder to hoose olours ad styles, ad
they either provide a team logo or the IceJerseys. com staff will design a logo for them.
Idiidual tea eers’ aes ad uers ad the tea logo are prited or
stitched on each jersey to meet customer specifications.
Accurately pricing custom-designed jerseys depends critically on the quality of costing
information available to managers at companies like IceJerseys.com, as well as on the
prices charged by competitors.
The price quoted by IceJerseys.com for a custom batch of hockey jerseys must
adequately cover costs and allow for an adequate profit margin while remaining price-
competitive.
Costs might include the labour devoted to designing custom logos and other artwork
The cost of materials and labour involved in manufacturing the custom batches of
jerseys (or the cost of purchasing them from outside suppliers)
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