Chapter 2 Lecture Notes.pptm

Chapter 2 Lecture Notes.pptm - Chapter 2 Understanding...

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Chapter 2 Understanding Economics and How it Affects Business
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2 4 3 5 6 Supply and Demand Indicators of Economic Health Economic Systems The Business Cycle Monetary and Fiscal Policy
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2 DISCIPLINES OF ECONOMICS economics Operations for country as a whole economics Behavior of people or organizations for particular products or services Macr o Micro
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Basic set of rules for allocating resources to satisfy citizens’ needs Economic systems can le ad to the creation of wealth Political system maters ECONOMIC SYSTEMS
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ECONOMIC SYSTEMS: CAPITALISM Capitalism All or most of the land, factories, and stores are owned by individuals, not the government, and operated at a profit Derived from free-market principles Businesses decide: What/how much to produce What to charge How much to pay workers Produce domestically, overseas
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ECONOMIC SYSTEMS: CAPITALISM 4 Basic Rights in US Economic System 4 Basic Rights in US Economic System Right to Own Private Propert y Right to Own a Business Right to Freedom of Competition Right to Freedom of Choice
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ECONOMIC SYSTEMS: CAPITALISM Free Market System Decisions are made in the market by the buyers Entire market is driven by Supply and Demand Supply – how much is available Demand – how much people want Quantity supplied = Quantity demanded PRICE
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