RSM100Y1 Chapter Notes - Chapter 3: Frictional Unemployment, Gross Domestic Product, Core Inflation
Document Summary
3. 2 four different types of market structures in a private enterprise system. Chapter 3 economic challenges facing contemporary business: demand & supply & equilibrium vs. three major types of economic systems, economic systems. Private enterprise / capitalism / market economy. Pure competition monopolistic oligopoly. Some in pure monopoly, in little regulated monopoly. Fitness center bell / rogers rawlings sporting goods. Regulated monopoly: firm that granted exclusive rights in a specific market by a local, provincial, or federal government. Economic system where business ownership, profits, and resource allocation are shaped by a plan to meet government goals, 2 forms: Socialism: government owns and operate the major industries. Communism: all property is shared equally by the people in community under the direction of a strong central government. Draws both private enterprise economies and planned economies to different degrees. Privatization: the conversion of government- owned and operated companies to privately held businesses.
