BUS 1201 Lecture Notes - Lecture 3: Oligopoly, Money Supply, Perfect Competition
Document Summary
Supply expresses how willing and able sellers are to provide goods and services at different prices. Demand expresses how willing and able consumers are to purchase goods and services at different prices. Macroeconomics studies the economy as a whole and examines variables such as: gdp (gross domestic product, unemployment and job growth, cpi (consumer price index) and inflation, government policies and the economy. Scarcity means that goods are not free. Resources include: (give examples of each: natural resources (land, capital (physical and human, human resources (labor) Command economies: all resources owned by the government, all production, pricing and distribution decisions are made by central planners. Includes communism-an economic system in which all property is owned by the government and everyone works for the government: and socialism-an economic system in which some major industries are owned by one government, but smaller individuals. It includes substantial redistribution of income through social programs.
