ch03PPP - Chapter 3 Economic Challenges Facing Contemporary...

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Economic Challenges Facing  Contemporary Business Chapter 3
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Distinguish between microeconomics and  macroeconomics. Explain the factors that  drive supply and demand. Describe the four types of market  structures in a private enterprise system  and compare the three major types of  economic systems. Identify and describe the four stages of  the business cycle. Explain how  productivity, price level changes, and  employment levels affect the stability of a  nation’s economy. 1 Learning Goals Discuss how monetary policy and  fiscal policy are used to manage an  economy’s performance. Describe the major global economic  challenges of the 21st century. 2 3 4 5
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nalysis 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. Economics
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Microeconomics The study of small economic units, such as individual  consumers, families, and businesses.
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Factors Driving Demand Demand curve   - shows the amount of a product buyers will purchase at  different prices.  Driven by variety of factors such as competition, price, larger economic events,  and consumer preferences.
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Demand Curve A change in overall demand shifts to a new demand curve.
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Supply Curve Supply curve   - shows the relationship between different prices and  the quantities that sellers will offer for sale, regardless of demand.
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Factors Driving Supply Production plays a central role in determining the overall supply. of goods and services.
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This note was uploaded on 02/13/2012 for the course ART HISTOR 105 taught by Professor Kenfield during the Spring '11 term at Rutgers.

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ch03PPP - Chapter 3 Economic Challenges Facing Contemporary...

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