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Category: Business and Industry
Date Submitted: 03/10/2016 06:11 PM
Chapter 3
Economic Challenges Facing Global and
Domestic Business
5 Identify and describe the four
stages of the business cycle.
1
Distinguish between microeconomics and macroeconomics.
6 Explain the factors that affect the
2
Explain the factors that drive
supply and demand.
7 Discuss how monetary and fiscal
3 Describe the four types of market
structures in a private enterprise
system.
4 Compare the three major types of
economic systems.
stability of a nation’s economy.
policy are used to manage an
economy’s performance.
8 Describe the major global
economic challenges of
the 21st century.
• What is economics?
•
Economics is the social science that analyzes the choices made by
people and governments in allocating scarce resources, and related
factors in producing, distributing, and consuming.
•
Economic systems refer to exchanges that companies and societies
make as a whole, reflecting the combination of choices a nation makes
to allocate resources.
•
What is economics?
•
Everyone’s life is affected by economic choices when you decide
what products to buy, what services to use, or what activities fit into
your schedule, you are making economic choices.
1.
People make choices that are often global in scope; firms may
emphasize American made products but often their components
come from foreign countries.
2.
Not-for-profits and businesses make economic choices about use
of human and natural resources, equipment or buildings, and
partnership formation.
•
Define microeconomics?
•
Microeconomics is the study of economic behavior among
individual consumers, families, and businesses whose collective
behavior in the marketplace determines the quantity of goods and
services demanded and supplied at different prices.
•
The more individualized microeconomic areas are affected, however,
by broad government decisions about a country’s economy.
•
Define...