BUS 150 Lecture Notes - Lecture 2: Money Supply, Sales Tax, Oligopoly
5 Oct 2015
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Market share: the market you are interested in selling to a certain % of the market. Need an emotional connection (not easy, need attractive things. ) Ex: apple has an emotional connection with apple users. Economics: study of how a society uses scarce (limited) resources to produce and distribute goods & services. Microeconomics: the study of how consumers, businesses & industries collectively determine the quality of goods & services demanded & supplied at different prices. (individual people) Macroeconomics: the study of big picture issues an economy including competitive behavior among firms effect of gov"t (government) policies & overall resource allocation issues. (whole economy) Gross national product (produced in the us but not american companies) Break it down: toyota foreign (japanese) company + kentucky (us state) = Supply & demand: both curves is a relationship between price & quantity demanded. Natural resources: lands, forests, minerals, water & tangible assets. Human resources: all people working together in an organization.
