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Department
Management (MGT)
Course
MGTA02H3
Professor
bouvaird
Semester
Winter

Description
Management Lecture 03- *Quiz Next Week (CH 1 & 2) ** - On Quiz **Degrees of Competition  Not all markets are the same: o Ability of buyers to negotiate “good” prices, depends on number of sellers in the market o Some markets have lots of sellers o Some markets have few sellers o Some markets have only one seller 1. Perfect Competition:  Lots of suppliers  All are small (No control over price of milk; Sell very small percentage of all sales of milk in Toronto)  More or less the same  Must sell at the same price  Ex: Carton of Milk; Chocolate bars 2. Monopolistic Competition  Lots and lots of suppliers  Most are small  Most more or less the same  Some are big, can differentiate themselves; Most sell at the same price  Big suppliers can charge extra (Ex: Starbucks; Apple; UofT)  Ex: Coffee Shops vs. Starbucks ; iphone vs. knockoffs; Universities 3. Oligopoly  Small number of suppliers (4 or 5)  All are “large”  Each tries to differentiate itself  Industry hard to enter, hard to exit  They watch each other closely  Ex: Canadian banking industry; Cell phones; Airlines ; Beer 4. Monopoly  Only one supplier  100% Market Share  Can set whatever price it likes  Ex: LCBO Chapter 2 ECONOMIC GROWTH: Business Cycle: Short term ups and downs in an economy  Peak, Recession, Trough, Recovery  Recession – Aggregate output declines  Depression – Severe and long lasting recession Aggregate Output – Total quantity of goods and services produced by an economic system during a given period (aka economic growth) Standard of Living – Total quantity and quality of goods and services that can be purchased with currency used in an economic system. (When aggregate output increases, standard of living also increases) Measures of Economic Performance:  GDP  GDP/Capita  Productivity  Unemployment  Inflation Gross Domestic Product: $ value of all goods and services produced in a country in one year (Through domestic factors of production) The larger the GDP: More workers, using more resources, are producing more things of value US, China, Japan, Germany (in terms of GDP) GDP Growth:  Growing GDP: More people making more stuff  Falling GDP: Fewer ppl making less stuff (aka recession) Real GDP – GDP adjusted for inflation (changes in currency v
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