MGTA01H3 Chapter Notes -Monopolistic Competition, Perfect Competition, Equilibrium Point
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MGTA01H3 Full Course Notes
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Business: the organizations that produce/ sell goods/ services to make a profit extend to wage paid to workers and to taxes that support government functions. Profits: the difference btw a business" revenues and expenses encourage individuals and organizations to open and expand businesses. Economic system: a nation"s system for allocating its resources among its citizens. Differ in labor, capital, entrepreneurs, natural resources. Business rely heavily on market forecasts, the specialized expertise and knowledge of people, and various forms of economic data for much of their work. The creation of new information/ the repackaging of existing information of new users and different audiences. Private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive. Base on the operation of demand and supply. Privatization: converting government enterprises into privately owned business. New enterprise reduced its payroll, boosted efficiency and productivity, and quickly became profitable.
