BUSI 1600U Lecture Notes - Lecture 2: Economic Equilibrium, Disinflation, Equilibrium Point

• School: UOIT
• Department: Business
• Course: BUSI 1600U
• Professor: Malcom Mac Taggart

Document Summary

Management of the enterprise chapter 2 notes. Economics is the study of how society chooses to employ resources (factors of production) to produce goods/services and distribute them for consumption. Microeconomics is the part of economic study that focuses on the behaviour of people and organizations in particular markets. Macroeconomics is the part of economic study that looks at the operation of a nation"s economy as a whole. Resource development is the study of how to increase resources and to create the conditions that will make better use of them (such as recycling and oil preservation) Neo-malthusians believe there are too many people in the world so the solution to poverty is radical birth control (forced abortions and sterilizations) The wealth of nations (1776) was later considered the foundation of the study and understanding of the newly developing capitalist industrial society.