BUS 200 Chapter Notes - Chapter 1: Oligopoly, Monopolistic Competition, Ubisoft

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 200
• Professor: Huenefeld

Document Summary

The ideas of profit and business: business pay taxes that help to support all levels of government, businesses help support charitable causes and provide community leadership. Labour (human resources: mental and physical capabilities of people, capital, funds that are needed to start a business and keep it operating and growing, entrepreneurs, people who take opportunities and risks involved in creating and operating businesses. Information: specialized knowledge and expertise of people who work in businesses, can be shared without being diminished. Mlas demanding passage or rejection of a bill that is before parliament or provincial legislature. Demand and supply in a market economy: a market is a specific place, its an exchange process between buyer and seller. Demand and supply schedules: help managers understand the relationships among different levels of demand and supply at different price levels. Private enterprise and competition: private property, ownership of resources used to create wealth is in the hands of individuals.