Chapter 3

Chapter 3 - Introduction to Business Minneapolis Community...

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Introduction to Business Instructor: Dave Skogstrom Office: Management Education Center, Room 1290 Phone: 612-659-6422 Email: [email protected] .
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Hi, and welcome to the slide presentations for Introduction to Business. There is a set of slides for each of the eleven chapters that we will cover. There is another slide set with sound that you should also check out. These slides that you’re viewing here are the slides that I usually use when conducting a live face to face class. If all 40 of us were all together in a traditional classroom, we’d go through each of these sets of slides one at a time and have a discussion and answer questions about nearly all of these topics presented here. In our course, we won’t get to do that, at least the online section won’t. The blended section will meet roughly every other week to have some discussions of all of this, but not much. Since we can’t talk about this all together, it’s important for you to go though all of the slides and imagine how a class discussion might go. And then if you do have questions, comments, or would like to discuss some of these topics, please post your question or comment in the chapter discussion topic for this chapter. I won’t ignore you, and neither will your classmates. Best wishes for a great semester.
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Chapter 3 Economic Challenges Facing Global and Domestic Business L e a r n i g   G o l s 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 nation’s economy. Discuss how monetary and fiscal policy are used to manage an economy’s performance. Describe the major global economic challenges of the 21st century. 1 2 3 4 5 6 7 8
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Economics   Analysis of the choices people and governments make in allocating scarce resources. Microeconomics   The study of small economic units, such as individual consumers, families, and businesses. Macroeconomics   The study of a country’s overall economic issues, such as how an economy uses its resources and the effects of government policies on individuals’ standard of living. Microeconomics: The Forces of Demand and Supply Demand Willingness and ability of consumers to purchase goods and services at different prices. Supply   Amount of goods and services for sale at different prices.
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Demand curve shows the amount of a product buyers will purchase at different prices. Quantity increases as price decreases. • Economists distinguish between changes in the quantity demanded at various
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Chapter 3 - Introduction to Business Minneapolis Community...

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