MGMT 1 Chapter Notes - Chapter 2: Disinflation, Money Supply, Equilibrium Point
21 Jul 2016
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Economics the study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individuals. Macroeconomics the part of economics study that looks at the operation of a nation"s economy as a whole. Microeconomics the part of economics study that looks at the behavior of people and organizations in particular markets (e. g. , why people buy smaller cars when gas prices go up) Resource development the study of how to increase resources and create the conditions that will make better use of those resources. Invisible hand a phrase coined by adam smith to describe the process that turns self-directed gain into social and economic benefits for all. Capitalism an economic system in which all or most factors of production and distribution are privately owned and operated for profit. State capitalism the state runs some businesses instead of private owners.
