MGTA01H3 Chapter 4: Chapter 4
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MGTA01H3 Full Course Notes
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When buyers & sellers interact- how markets work. Market: a bunch of activities, not a place. Market: the word itself does not refer to a place it is the interaction of buyers and sellers exchanging information about goods and services for sale. E. g. professor boivard"s example on the guy trying to sell him carpets even though he doesn"t need it, the buyer is negotiating with him for a price. 1) a would-be consumer , in search of a product or service, searches for one or more vendors. 2) a vendor, in search of a sale, tries to highlight the features and benefits of his product. 3) information is exchanged between consumer and vendor. 5) sale is completed or not. Another example would be you trying to sell your book for other students :d if the vast majority of second-hand books are selling for , this represents the market price. Entrepreneurs are permitted and encouraged to start a business.
