MGMT 1040 Study Guide - Final Guide: Work Ethic, Consumer Capitalism, Oligopoly
Document Summary
Equality of opportunity is the assumption that all individuals or groups have an even chance at responding to some condition in society. Competition a condition in which many rival sellers seek to provide goods and services to many buyers. Consumer capitalism form of capitalism where government involvement is limited + corporations aim to make a profit + consumers have influence over the market and producers respond to their wishes (problems: income inequity, weak central government) Producer capitalism a form of capitalism where the central power resides with the government + emphasis on production, employment (problem: innovation is slowed, consumer dissatisfaction) Family capitalism extended clans control business activities and capital flows outsiders are not considered equals and modern corporations are not likely to be formed goes against the principle of equal treatment. Frontier capitalism a form of capitalism where the government passes commercial laws to regulate the businesses + criminal activity (black market) does emerge.
