ADM 1100 Lecture Notes - Lecture 1: Foreign Exchange Controls, Efficiency Ratio, Switching Barriers

• School: University of Ottawa
• Department: Administration
• Course: ADM 1100
• Professor: Patrick Woodcock

Document Summary

Economics: the social science that studies the choices people, companies, and governments make when dividing up their scarce resources. Macroeconomics deals with the performance, structure, behavior, and decision- making of economies (i. e. , national, regional, and global economies) as a whole, rather than individual markets. Private enterprise system (capitalism or market economy) Mixed market economies (combinations of the two) Businesses meet needs and demands of consumers and are rewarded through profit. Planned economy: an economic system where business ownership, profits, and resource allocation are shaped by central government plans. An economic system where the government owns and operates the major industries. Some profits & private ownership of industry allowed. Workers get to choose occupations & join unions. Adopted in early 20th century by many nations, but government-managed monopolies often suffered from inefficiency. Mixed market economy: an economic system that draws from both private enterprise economies and planned economies, to different degrees.