BUSI 1600U Chapter Notes - Chapter 2: Monopolistic Competition, Market Price, Free Market
Document Summary
Economics the study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individuals. Factors of production resources such as land, labour, capital goods, entrepreneurship, and knowledge. Businesses may contribute to an economic system by inventing products that greatly increase available resources such as discovering new energy sources, new ways of growing food. Macroeconomics looks at the operation of a nation"s economy as a whole. Microeconomics looks at how many jobs exist in the whole economy; examines how many people will be hired in a particular industry or a particular region of the country. Resource development the study of how to increase resources and to create the conditions that will make better use of those resources. (example: recycling and oil conservation. ) Outside of government, businesses may contribute to an aconomic system by inventing products that greatly increase available resources such as discovering new energy sources (ex.
