Global Business 2009

Global Business 2009 - The Global Economy Economic Systems...

Info iconThis preview shows pages 1–11. Sign up to view the full content.

View Full Document Right Arrow Icon
The Global Economy
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Economic Systems Methods for allocating resources What and how much? How to produce? Who will produce? What resources will be used? How to distribute to consumers?
Background image of page 2
Factors of Production Labor Capital Innovation & Entrepreneurship Physical Resources Information Resources
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Economic Systems Communist All production factors controlled by the government Socialist Major production factors controlled by government Capitalist Private ownership of production factors. Are any economic systems pure systems? What is the direction of change in economic systems?
Background image of page 4
Markets, Demand and Supply Market A mechanism for exchange of goods and services. Set prices Determine demand & supply equilibrium
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Goods and Services Goods Tangible Inventoried Customers isolated from production Services Experienced Non-inventoried Involve customers in production
Background image of page 6
Firm Producer of goods or services. Industry Group of firms that produce similar products or services Economy Sum of the production of all firms and industries in a nation.
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Models of Competition Monopoly Market with a sole supplier who dominates industry and controls price.
Background image of page 8
Models of Competition Oligopoly Market with a few large sellers who have the power to control prices.
Background image of page 9

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Characteristics of Different Market Organizations Not every industry fits neatly into one of these categories; however, this
Background image of page 10
Image of page 11
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 26

Global Business 2009 - The Global Economy Economic Systems...

This preview shows document pages 1 - 11. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online