ADMS 1000 Lecture Notes - Lecture 7: Opportunity Cost, Mixed Economy, Economic Stability

• School: York University
• Department: Administrative Studies
• Course: ADMS 1000

Document Summary

An economic environment refers to the economic conditions in which an organization operates. An economic condition or variable can include job growth, consumer confidence, interest rates, and much more: government, businesses, individual, natural resources. Land and raw material: labour, capital. Knowledge workers with specialized education, skill, and. Individuals decide how to spend and on what. Opportunity cost: choosing to purchase certain goods and services automatically precludes the possibility of purchasing others instead. The study of smaller components of the economy, such as. The study of larger economic issues involving the economy as a whole. Macroeconomics is arguably more complex, since it considers data for large groups of people and firms. An economic system is the way that the five factors of production are managed. A free market system in which individuals can decide to be employees or owners of their own business. The government owned essentially all of the country"s resources, and economic decisions were made centrally.