Textbook Notes (367,753)
Canada (161,369)
BUS 201 (122)
Chapter 1

Business Chapter 1 Study Guide.docx

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Department
Business Administration
Course
BUS 201
Professor
Peter Tingling
Semester
Fall

Description
Interaction between government and business: • Government as customer • Government as competitor • Government as regulator • Government as taxation agent • Government as a provider of incentives and financial assistance • Government as provider of essential services Private enterprise system: • Allows individuals to pursue their own interests with minimal government restriction. o Private property o Freedom of choice o Profits o Competition Degrees of Competition: • Perfect competition o Small firms, but large in numbers. Products and services are identical. o Wheat farmers, Agriculture. • Monopolistic Competition o Few sellers, but many buyers. I.e; Coca-Cola and Pepsi, clothing brands. • Oligopoly o Small amount of large sellers. I.e; 4 cereal brands. • Monopoly o Market only has one
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