MIE 201 Lecture Notes - Lecture 2: Sirius Xm Holdings, Monopolistic Competition, Xm Satellite Radio
15 Aug 2016
School
Department
Course
Professor
Document Summary
Economics is roughly divided into a small-scale perspective and a large-scale perspective. The study of economic behavior among consumers, businesses, and industries who collectively determine the quantity of goods and services demanded and supplied at different prices is termed microeconomics. The study of a country"s larger economic issues, such as how firms compete, the effect of government policies, and how an economy maintains and allocates its scarce resources, is termed macroeconomics. Factors of production: each society must deal with how its finite resources, or factors of production, should be used to satisfy that society"s needs, factors of production include the following: Natural resources are things that are useful in their natural state, such as land, forests, minerals, and water. Human resources are people anyone from company presidents to grocery clerks who work to produce goods and services. Capital includes resources such as money, computers, machines, tools, and buildings that a business needs in order to produce goods and services.
