COMMERCE 1E03 Chapter Notes - Chapter 2: Social Equality, Oligopoly, Disinflation
24 Dec 2014
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Economist that studied what made countries wealthy and other poorer: found that in peru, most businesses property was not owned by the people conducting business. Rather the government still owned such land: found that property laws do shape the conditions for business. Lessening such regulations would allow businesses to flourish. In order to succeed in business must understand: basic economic concepts. Economic indicators: be aware of the global environment. Foreign investments, imports, currency rates: understand the role of the federal and provincial government. Study of how society produces and distributes goods for consumption amongst various competing groups and individuals: resources are known as the factors of production. Should answer: what is produced, what amount is produced, method of output distribution, what determines rate of growth. Looks at the behaviour of businesses and organizations in particular markets: how many people jobs available in certain industries. Discretionary income after taxes and necessities.
