MGTA05H3 Study Guide - Midterm Guide: Monopolistic Competition, Planned Economy, Mixed Economy
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MGTA05H3 Full Course Notes
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Topics covered for the midterm: profit, command, mixed and market-based economic systems, degrees of competition, legal forms for carrying on business in canada, sources of finance, small and entrepreneurial businesses, large businesses. Note: all material in the textbook is examinable, even if that material was not discussed in class. So do review the textbook and make your review notes on the material in it. A typical question would give you various dollar amounts for a period or a particular business. You need to determine which amounts items are revenue and which items are expenses in order to calculate the profit. Another typical question would ask you to compare profits from two different businesses. You would be asked to determine which business produces a greater profit. You could be asked to decide which business you would prefer to support. You have two businesses, each generating a profit. If conditions were to change, so would the profits.
