BUS 100 Ch.2 Questions

BUS 100 Ch.2 Questions - Ch 2 Summary Questions 1 What is...

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Ch. 2 Summary Questions 1. What is Economics, and what are the different types of economic systems? Economics is the study of how individuals and businesses make decisions to best satisfy wants, needs, and desires with limited resources, and how efficiently and equitably resources are allocated. 3 different types of economics systems are; Planned economic systems, Market economies, and mixed economies. 2. What are the principles of supply and demand and the factors that affect each principle? Supply refers to how much of a product or service is available. It’s affected by: technology changes, changes in resource prices, price expectations, price of substitute goods, number of suppliers. Demand refers to how much people want to buy at a given time. It’s affected by: changes in income levels, consumer preferences, changes in population, changes in prices of substitute or complementary goods, changes in expectations.
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