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Unformatted text preview: > > > > > > > > Economic Challenges Facing Global and Domestic Business Chapter 3 Distinguish between micro- economics and macroeconomics. Explain the factors that drive supply and demand. Describe the four types of market structures in a private enterprise system. Compare the three major types of economic systems. Identify and describe the four stages of the business cycle. Explain the factors that affect the stability of a nations economy. Discuss how monetary and fiscal policy are used to manage an economys performance. Describe the major global economic challenges of the 21st century. L e a r n i n g G o a l s 1 2 3 4 5 6 7 8 Analysis of the choices people and governments make in allocating resources. Supply: Amount of goods and services for sale at different prices. Demand: Willingness and ability of consumers to purchase goods and services at different prices. E c o n o m i c s The study of small economic units, such as individual consumers, families, and businesses. M i c r o e c o n o m i c s Demand curve- shows the amount of a product buyers will purchase at different prices. Driven by variety of factors like competition, price, larger economic events, and consumer preferences. F a c t o r s D r i v i n g D e m a n d D e m a n d C u r v e A change in overall demand, shifts to a new demand curve. Supply curve- shows the relationship between different prices and the quantities that sellers will offer for sale, regardless of demand. S u p p l y C u r v e F a c t o r s D r i v i n g S u p p l y Production plays a central role in determining the overall supply of goods and services. Supply and demand curves meet at the equilibrium price...
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