FM 116 Lecture Notes - Lecture 1: Natural Monopoly, Oligopoly, Discount Window

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

Document Summary

Economics: people, companies, and governments making choices in allocating society"s resources. Economy: the financial and social system of how resources flow through society, from production to distribution, to consumption. Units such as individual consumers, families and individual businesses. Macroeconomics: the study of a country"s overall eco. Dynamic, such as employment rate, gdp, and taxation policies. Socialism has much higher taxes than capitalism. Natural monopoly: a market structure with one company as the supplier of a product, govt. sanctioned and regulated. Supply and demand: explains the dynamic interaction between buyers and sellers that directly affects range of products and prices. Socialism: govt. owns and operates key enterprises that directly affect public welfare. Communism: an extremist form of socialism, calls for public ownership of all enterprises, under a strong central govt. Mixed economies: elements of both planned and market-based eco. Fiscal and monetary policy: developed to achieve the goal of controlled, sustained eco.