BUS 201 Chapter Notes - Chapter 1: Perfect Competition, Economic Equilibrium, Monopolistic Competition

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 201
• Professor: Peter Tingling

Document Summary

Bus 201 sept 4, 2015 chapter 1 understanding the canadian business system. Business- organization seeking profits by providing g/s: taxes business pay support gov. Profit- $ remaining after expenses: reward owners. Not-for-profit-organization- provides g/s, not seeking profit: ex: charities, hospitals. Information resources specialised knowledge ex: market forecast, data useful to bus. Command economy- gov controls most/all factors of production: socialism- gov owns/operates main indust; ppl own small indust type of command econ, communism- gov owns/runs all industries . type of command econ. Mixed market economy- econ system with both command/ market elements. Privatization -changing gov companies to privately owned companies. Nationalization changing privately owned companies to gov companies. Deregulation reduction in # of laws affecting bus activities. Promoting competition, enforce restrictions, so all companies big or small have a chance: guidelines in competition act stops bus practices the lessens competition, ex: fines for misleading marketing practises, stops agreements b/w companies that lessen competition.