BU111 Lecture Notes - Customer Switching, Switching Barriers, Economic Stability
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BU111 Full Course Notes
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Document Summary
Patents, bankruptcy laws, court law, competition act (options for the customer; not letting one company control market), Income taxes, consumer taxes, payroll taxes, excise taxes, Government can create incentives, constraints, or support/bail out when needed. Aggregate output: the quantity of goods and services produced by an economic system during a given period. Standard of living: total quantity and quality of goods and services that a country"s citizens can purchase with the currency used in their economic system. Gdp: refers to the total value of all goods and services produced within a given period by a national economy if going up, the nation is experiencing economic growth. Tracks the economic growth due to the tracking of economic performance. When the gdp exceeds the population, the standard of living will increase as well. Trade balance: total of countries exports minus the total imports. National debt: the amount of money the government owes. Essentially spending more money than the revenue earned.
