MGTA01H3 Chapter Notes - Chapter 1: Liquor Control Board Of Ontario, Planned Economy, Monopolistic Competition

• School: UTSC
• Department: Management (MGT)
• Course: MGTA01H3
• Professor: Zachariah Campbell

Document Summary

Factors of production natural resources labour capital entrepreneurs. Economic systems planned or command economies market economies. Types of market or degrees of competition perfect competition monopolistic competition oligopoly monopoly. Business an organization that provides (produces/ supplies/ makes/furnishes) (assures things are available) goods or services, to customers, in order to make a profit. The difference between: 9625$ in (revenues or sales) The fundamental reason for a business to exist n. b. Not all organisations are businesses, e. g. hospitals, universities, churches; these provide services, but not for profit. Loss - when expenses are greater than revenues i. e. it costs more money to produce the products and run the business, than the business can generate through sales. The study of: produce/consume; how best to produce things; how best to distribute wealth. how businesses, people make choices about: what things to. Basic economic theory building blocks factors of production.