BUSN 70 Lecture Notes - Lecture 1: Oligopoly, Product Differentiation, Economic Equilibrium
3 Nov 2016
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Products: tangible (physical; ex: cars), services (ex: haircuts), ideas (ex: lawyers, strategists) Business: goal is to earn a profit (what it costs to make& sell consumer price) Nonprofit organization: provides goods + services, engage in management, marketing, & finance to reach goals ex: red cross. Expansion more $ spent, employ more inflation. Contraction less $ spent, cut back on workers recession, depression. ~~measure the economy through gdp (goods + services produced in 1 country/yr) & budget deficit (nation spends more than it takes from taxes) Trade balance (exports/imports; deficit rn), consumer price index (cpi = prices of basic goods), per capita. Income (average income), unemployment rate, inflation rate, worker productivity (amount of goods & services made each hour) Communism all gov owned, low std. living, karl marx ex: china & russia. Socialism social services (health care & education), high taxes ex: canada. Capitalism (free enterprise) privately owned businesses ex: usa. Mixed economies - elements from more than 1 system.
