COMMERCE 1B03 Study Guide - Midterm Guide: Gross Domestic Product, Export Development Canada, Foreign Direct Investment
21 Oct 2016
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2 markets: used in for-pro t, non-pro t, and government, 1) consumer market bought for personal use, 2) business market used for the business, a business can sell to both markets. Stakeholders: all the people who stand to gain or lose by the policies and activities of business, want to make changes. Creating economic wealth: making countries rich = a combination of entrepreneurship and knowledge. The business environment: consists of uncontrollable, surrounding factors that help develop the business, quality of life = foundation is right business environment. Economics: economics is the study of how society chooses to employ resources (5 factors of production) to make items for use, 2 major branches: 1) macroeconomics, microeconomics. Business cycles: 1) economic boom, 2) recession, 3) depression, 4) recovery. Gross domestic product (gdp: total value of goods/services made in a country in a period of time, gdp indirectly re ects, level of employment, productivity, ef ciency.
