ENTI 201 Chapter Notes - Chapter 1: Unemployment, Gross Domestic Product, Nuclear Physics
22 Nov 2012
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Document Summary
Pset model: political, economic, social & technological environments that interact with business. A nation"s economic system is the combination of policies, law and choices by it"s gov to establish systems that determine what goods and services are produced & how they"re allocated. In economic systems either government or individuals or a mix choose: What goods and services to produce, and how much. Determine how to produces these goods/services & who will produce them. Natural resources: farmland, forests, mineral, oil deposits, water, land . Labor: economic contributions of people with their mind and muscles, can be anything from a restaurant cook to a nuclear physicist, they perform the tasks of manufacturing & selling goods and services. Capital: the inputs such as tools, machinery, equipment, buildings. Used to produce goods & services and get them to a customer. Entrepreneur: people who contribute to the input of natural resources, labor, capital to produce goods/services to make a profit.
