COMMERCE 1B03 Chapter Notes - Chapter 2: Monopolistic Competition, Fast Food, Gross Domestic Product
25 Feb 2015
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Document Summary
Gross domestic product, unemployment rate, and price indexes: microeconomics: the part of economic study that looks at the behavior of people and organizations in particular markets. Pricing, supply and demand: resource development: the study of how to increase resources and the creation of the conditions that will make better use of those resources. The secret to creating a wealthy economy: neo-malthusians: people who believe that there are too many people in the world, and the solution to poverty is forced abortion and sterilization. Give a man a fish, feed him for a day. Teach a man to fish, feed him for a lifetime. Teach a person to start a fish farm, and he or she will be able to feed a village for a lifetime. In macroeconomics, people try and determine what makes some countries relatively wealthy and other countries relatively poor, and they implement policies and programs that lead to increased prosperity for everyone in all countries.
