FM 116 Lecture Notes - Lecture 3: Gross Domestic Product

• School: FIT
• Department: Fashion Business Management
• Course: FM 116
• Professor: Priebe- Anderson

Document Summary

Study of economics= study of the choices that people, companies, and governments make in allo(cid:272)ati(cid:374)g so(cid:272)iety"s (cid:396)esou(cid:396)(cid:272)es. Economy: the financial or social system of how resources flow through society, from production to distribution, to consumption. Recall: gross domestic product is the monetary value of all the finished goods and services p(cid:396)odu(cid:272)ed (cid:449)ithi(cid:374) a (cid:272)ou(cid:374)t(cid:396)y"s (cid:271)o(cid:396)ders in a specific time period (usually annually) Gdp is a (cid:271)(cid:396)oad (cid:373)easu(cid:396)e(cid:373)e(cid:374)t of a (cid:374)atio(cid:374)"s o(cid:448)e(cid:396)all e(cid:272)o(cid:374)o(cid:373)i(cid:272) a(cid:272)ti(cid:448)ity. Capitalism-right to own business + keep after-tax products, right to private property, free choice, fair competition. Capitalism downside: 225 years created highest standard of living, people vote by buying +