BUS 201 Chapter Notes - Chapter 1: Perfect Competition, Monopolistic Competition, Oligopoly

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Labour: the mental and physical training and talents of people; aka human resources. Entrepreneurs: people who organize and manage labour, capital and natural resources to produce goods and services to earn a profit. (runs risk of failure) Natural resources: items used in the production of goods and services in its natural state. (land, water, minerals, trees) Command economy: government controls all/most of productions (makes all/most of profit) Market economy: individuals control all/most of production (make all/most of profit) *countries that claim to still be communist (china, vietnam, cuba) now contain elements of a market economy. Socialism: type of command economy in which government owns and operates the main industries while individuals own and operate less crucial industries. *large population work for government, inefficient, rising taxes = socialism is generally declining in popularity. Input market: firms buy resources that they need in the production of goods/services. Output market: firms supply goods/services in response to demand on the part of consumers.

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