MGTA01H3 Chapter Notes - Chapter 4: Candela, Liquor Control Board Of Ontario, Target Market
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MGTA01H3 Full Course Notes
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An economic system is the means by which a country organizes the production and distribution of the goods and. Chapter 4: when buyers and sellers interact how markets work services its people need. All countries fall under 2 basic categories: planned economies or market economies: planned economy: goods and services that get produced, and how they get distributed, is determined by political leaders and government officials according to a plan. A market is an accumulation of interactions. With a larger number of sellers, buyers have maximum choice and ample ability to shop around, or fi(cid:374)d a (cid:862)(cid:271)etter(cid:863) deal: oligopoly. This is a market with only a small number of large sellers. In this type of market buyers only have limited choice and limited ability to shop around: monopoly. Buyers have no choice but to buy from the sole supplier or do without. Therefore, all tra(cid:374)sa(cid:272)tio(cid:374)s are do(cid:374)e o(cid:374) the seller"s ter(cid:373)s: monopolistic competition.
