MGTA02H3 Chapter Notes -Monopolistic Competition, Starbucks, Liquor Control Board Of Ontario
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MGTA02H3 Full Course Notes
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All are small (no control over price of milk; sell very small percentage of all sales of milk in toronto) Ex: carton of milk; chocolate bars: monopolistic competition. 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: oligopoly. Small number of suppliers (4 or 5) Ex: canadian banking industry; cell phones; airlines ; beer. Industry hard to enter, hard to exit: monopoly. Business cycle: short term ups and downs in an economy. 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)
