COMMERCE 1E03 Chapter 2: Chapter 2 - 1E03 Slides
3 May 2017
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Document Summary
Economics is the study of how society chooses to employ resources (the five factors of production) to produce products and distribute them for consumption among various competing groups and individuals. Economic concepts are the basis for most decisions. Both the global economy and the canadian economy have an effect on canadian business includes understanding the role of the federal and provincial governments in canada. Macroeconomics looks at the operation of a nation"s economy as a whole e. g. , how many jobs exist in the whole economy. Microeconomics looks at the behaviour of people and organizations in particular markets e. g. , how many people will be hired in a particular industry or in a particular region of the country. Which of the following persons would tend to favour a socialist economy: john wants to live in a country with low tax rates. Example of capitalism: nilesh wants to live in a country with limited government regulation.
