COMMERCE 1E03 Lecture 2: COMM Mid 1 -Ch 2
19 May 2016
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Document Summary
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. Economic concepts are the basis for most major business decisions. Both the global economy and the canadian economy have an effect on. Includes understanding the role of the federal and provincial government in canada. Macroeconomics: looks at the operation of a nation"s economy as a whole. How many jobs exist in the whole economy. Microeconomics: looks at the behavior of people and organizations in particular markets. How many people will be hired in a particular industry or particular region of the country. Some economists believe that economics is the allocation o scarce resources. Resource development: the study of how to increase resources and the creation of the conditions that will make better use of those resources (e. g. recycling) Economic theories believed that people will work hard if they have incentives to do so.
