ADM 1100 Lecture Notes - Lecture 4: Efficiency Ratio, Business Cycle, General Agreement On Tariffs And Trade

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

Document Summary

Economics the social science that studies the choices people, companies, governments make when dividing up their scarce resources. Macro economics: deals with the performance, structure, behavior and decision- making of economies (ex. national, regional & global economies) as a whole, rather than individual markets: examples: Government national & provincial policies (ex. interest rates, employment rates, interprovincial trade policies) international trade policy (ex. who to trade with, what to trade) Micro economics: studies the behavior of individual households and firms in making decisions on the allocation of limited resources (ex. capital, assets, price, etc. : examples: Companies are attracted to international business because of the size of the global marketplace. Balance of trade: the difference between a nation"s exports and imports: more exports than imports = positive balance of trade (trade surplus, more imports than exports = negative balance of trade (trade deficit) Exchange rate: value of one country"s currency in terms of the currencies of other.