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Lecture 11

ANTHRO 157 Lecture Notes - Lecture 11: Economic System, Free Market


Department
Anthropology
Course Code
ANTHRO 157
Professor
Smolter
Lecture
11

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Demographic factors
Demography - study of people's statistics [age, gender, race, ethnicity, location]
Helps companies define market for products
Minorities represent more than 38% of total population. Comps recognise value of
diverse workforce that reflects society. Minorities buying powers increased, so now
comps are developing products/marketing to target diff ethnic groups.
Social factors
Attitudes, values, ethics, lifestyles - influence what people purchase
Very subjective
Can change as people move through life stages
Technology
Tech can stimulate growth
Technology - application of science and engineering skills/knowledge to solve
production and organizational problems
Productivity - amount of goods/services one worker can produce
Ability to maintain/build wealth depends on speed and effectiveness in how we
use technology - INVENT AND ADAPT MORE EFFICENT EQUIPMENT.
Businesses use tech to create change, improve efficiencies, streamline operations
Primary features of world's economic system, and how the 3 sectors of US
economy linked
Business's success partly depends on economic system of countries where it's
located and where it sells products
Economic system - policies, laws, choices, made by its govt to determine what
goods/services are produced.
Economics - study of how a society uses scarce resources to produce/distribute
goods and services - ECONOMICS IS STUDY OF CHOICES -> what ppl, firms,
nations chooses from available resources.
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