BUS100 ch03 - > Chapter 3 Economic Challenges Facing Global...

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> > > > > > > > Economic Challenges Facing Global and Domestic Business Chapter 3
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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. Learning Goals 1 2 3 4 5 6 7 8
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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. Economics
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The study of small economic units, such as individual consumers, families, and businesses. Microeconomics
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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. Factors Driving Demand
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Demand Curve A change in overall demand, shifts to a new demand curve.
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Supply curve - shows the relationship between different prices and the quantities that sellers will offer for sale, regardless of demand. Supply Curve
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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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Supply and demand curves meet at the equilibrium price .
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