MGMT 1281 Chapter Notes - Chapter 1: Planned Economy, Retail, Root Mean Square
15 Jun 2018
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Chapter 1
Socialism: A Kind of command economy in which the government owns and operates the jai
industries, while individuals own and operate less crucial industries.
Market: An exchanged process between buyers and sellers of a particular good or service.
Ex.Internet is a sophisticated market that brings buyers and sellers together through e-
commerce.
B2C = business-to-consumer
B2B = business-to-business > business joining together to create online business, making them
more efficient when they purchase goods or services.
Input Market: Firms buy resources that they need in the production of goods and services.
Output Market: Firms supply goods and services in response to demand on the part of
consumers.
Capitalism: An economic system in which markets decide what, when, and for whom to
produce.
Mixed Market Economy: An economic system with elements of both a command economy and a
market economy; in practice, typical of most nations’ economies.
Privatization: The transfer of activities from the government to the private sector.
Nationalization: The transfer of activities from private firms to the government.
Deregulation: A reduction in the number of laws affecting business activity
Canadian Radio- Television and Telecommunications Commission (CRTC) - Regulates and
supervises all aspects of the Canadian broadcasting system.
Competition Act - Prohibits a variety of business practices that lessen competition.
Government as a Customer - Toilet Paper
Government as a Competitor - Canada Post
Government as Regulator - TV ads
Protecting Consumers
Tobacco Act - Prohibits cigarette advertising on billboards and in retail sores and assigns
financial penalties to violators.
Weights and Measures Act - Sets standards of accuracy for weighing and measuring devices.
Consumer Packaging and Labelling Act - States labeling requirements for products
Textile Labelling Act - Regulate the labelling, sale, importation, and advertising of consumer
textile articles.
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Socialism: a kind of command economy in which the government owns and operates the jai industries, while individuals own and operate less crucial industries. Market: an exchanged process between buyers and sellers of a particular good or service. Ex. internet is a sophisticated market that brings buyers and sellers together through e- commerce. B2b = business-to-business > business joining together to create online business, making them more ef cient when they purchase goods or services. Input market: firms buy resources that they need in the production of goods and services. Output market: firms supply goods and services in response to demand on the part of consumers. Capitalism: an economic system in which markets decide what, when, and for whom to produce. Mixed market economy: an economic system with elements of both a command economy and a market economy; in practice, typical of most nations" economies. Privatization: the transfer of activities from the government to the private sector.
