COB Notes Chapter 2 - Introduction to Business Economics...

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   Introduction to Business     Chapter 2 Economics: Create Wealth Study of how society chooses to employ resources to produce goods and  services and distribute them among competing groups/individuals Four basic considerations of an economic system What is produced? – select the product What amount is produced? – too much just sits around, too little miss opportunity What is the method of output distributed? – manual or technological What is the rate of growth? – will there be a need for this anymore Three Current Economic Systems Communism (high control) – perfect on paper Socialism (in the middle) – give people control but realizes that people aren’t  perfect Mixed (in between socialism and capitalism) Capitalism (little control) – do anything I can think of to make a buck Free market Capitalism  (no restrictions at all) Private property
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