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Midterm

ADMS 1000 MIDTERM

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Department
Administrative Studies
Course
ADMS 1000
Professor
Peter Tsasis
Semester
Summer

Description
WEEK 2 The factors of production Types of economic systems Types of competition in a free economic system Supply and demand Economic growth indicators Businesses make economic choices based on their needs for the five factors of production 1. Natural resources - land and raw materials 2. Labour - workers 3. Capital - buildings, machinery, tools and equipment 4. Information resources - knowledge workers with specialized education, skills and experience 5. Entrepreneurship - individuals who start up businesses Primary Economic Systems 1. Market Economies 2. Command Economies 3. Socialism 4. Mixed Economies Four Types of Market Structures Supply The quantity of a good or service that businesses will make available at various prices. Supply Cu
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