ADM 1100 Chapter Notes - Chapter 3: Hyperinflation, Oligopoly

• School: University of Ottawa
• Department: Administration
• Course: ADM 1100
• Professor: Gerard Brathwaite

Document Summary

Secular: reliance on military: anarchism: individuals and private groups, pluralism: everyone plays a role, democracy: freedom of speech, civil and property rights, minority rights, stable business environments due to laws, factor of production is in our hands (the free market, encourages economic growth. Types of economies: capitalism profit, business meet needs and demands of consumers and rewarded through, government hands off, things will fix themselves we wont help, 4 degrees of competition (market structures?, pure competition: lots of people, easy to start, hard to control price, monopolistic: less people, hard to start, easier to control prices, oligopoly: few people, difficult to start, some control. 2: monopoly: no competition, entry regulated by government, given, planned economies control over prices, everything is shaped to meet government goals, socialism, majority is controlled by government only some people have private ownership, such as retail and manufacturing, everything is shared equally under the direction of the, communism government, mixed market economies.