BSM 100 Lecture Notes - Lecture 2: Gross Domestic Product, Tim Hortons, Mobile Payment

• School: Ryerson University
• Department: Business Essentials
• Course: BSM 100
• Professor: Ranjita Singh

Document Summary

Lo(cid:272)al teas, (cid:448)ega(cid:374)/glute(cid:374) free ite(cid:373)s, et(cid:272) (cid:895) global: products can now be accessible around the world; canada has a very positive image in other countries technological: ex. Mobile payment); more important in countries other than. Canada: economic: a growing company means more profit, more job opportunities. Economy: financial and social system representing resource flow through society from production > distribution > consumption. Economics: stud(cid:455) of people, (cid:272)o(cid:373)pa(cid:374)ies, a(cid:374)d go(cid:448)er(cid:374)(cid:373)e(cid:374)ts" (cid:272)hoi(cid:272)es i(cid:374) allo(cid:272)ati(cid:374)g so(cid:272)iet(cid:455)"s resour(cid:272)es. Macroeconomics: study of cou(cid:374)tr(cid:455)"s o(cid:448)erall e(cid:272)o(cid:374)o(cid:373)(cid:455); gross do(cid:373)esti(cid:272) produ(cid:272)t (cid:894)gdp(cid:895), unemployment rate, inflation rate. Microeconomics: study of smaller economic units; consumers, families, and businesses. Free market: private ownership, economic freedom, fair competition, and innovation and hard work. Planned economy: socialism the government controls some enterprises; higher taxes made to distribute wealth in society: public welfare; utilities, telecommunications, health care inefficiencies and corruption often interfere with effectiveness. Mixed economies: the story of the future: market a(cid:374)d pla(cid:374)(cid:374)ed e(cid:272)o(cid:374)o(cid:373)ies do(cid:374)"t (cid:373)eet all of so(cid:272)iet(cid:455)"s (cid:374)eeds, ex.