ADMS 1000 Lecture Notes - Purchasing Power Parity, Gross Domestic Product, Monopolistic Competition

• School: York University
• Department: Administrative Studies
• Course: ADMS 1000
• Professor: Len Karakowsky

Document Summary

Opportunities and challenges in the mobile phone market. Businesses make economic choices based on their needs for the five factors of production: natural resources - land and raw materials, labour - workers, capital - buildings, machinery, tools and equipment, information resources and experience, entrepreneurs. Tim horton is the original founder, but you can own and operate a franchise. Types of economic systems: command/communism, socialism, market economy. Communism exists when the government owns all the country"s resources and makes economic decisions centrally. Socialism is an economic system whereby the government has large ownership or control of its major industries essential to the country"s economy. An economy that uses more than one economic system. Demand is the result of the decisions from buyers on whether or not to purchase a good or service. Supply is the result of the decisions of sellers whether to produce and offer a good or service for sale.