COMMERCE 1E03 Lecture Notes - Lecture 3: Market Price, Structural Unemployment, Demand Curve
15 Jan 2018
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Document Summary
Macroeconomics: operation of a nation(cid:495)s economy as a whole (ie. # of jobs in whole. The 4 (cid:498)what(cid:495)s(cid:499) of an economic system economy) Government control over education, health care, utilities, mining, transportation, media emphasis on equality. Government control in wages in public institutions limits incentives. Emphasis on freedom and the profit motive for economic growth. High incentive to work hard because profits are retained by owners. Limitations on freedom (to own businesses, change jobs, buy and sell homes, assemble to protest government actions. Private ownership of land and business with government regulation. Similar incentives to capitalism except in government- owned enterprises. Complete freedom to trade with and among nations. No scarcity of surplus because supply and demand exist to control the market. Freedom of speech, press, assembly, religions, job choice, movement and elections. Some markets are controlled by government and some are free. Trade restrictions among nations vary and include some free trade agreements.
