BMGT 110 Chapter Notes - Chapter 2: Producer Price Index, Structural Unemployment, Progressive Tax

• School: University of Maryland
• Department: Business and Management
• Course: BMGT 110
• Professor: Hugh Turner

Document Summary

How economic conditions affect businesses: what is economics, economics: how society chooses to use their resources to produce goods or service and distribute their goods or services to competing individuals and organizations a. i. Microeconomics look at particular individuals or companies in a particular market place: some economist believe economics is how a country allocates its scarce resources b. i. Since resources are scarce, we hope to develop resources b. ii. Resource development is the study to increase the amount of resources on the planet and find better ways to use resources b. iii. Currently, some people believe that there are too many people on this planet and population is growing too rapidly a. i. 1. However, industrial countries like japan, germany, and u. s have either a slow increase or a decline in population a. i. 2. In developing countries, malthus is right, so more population can lead to unrest and a struggle for resources. a. ii. However, there is a way to create more resources.