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Chapter 2

Understanding Canadian Business [BUSI1600] - Chapter 2 Notes

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BUSI 1600U
Shaprio, Morden

BUSI1600Chapter 2 Notes HOW ECONOMIC ISSUES AFFECT BUSINESSWhat is EconomicsEconomicsThe study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various groups of competing individuals Resource DevelopmentThe study of how to increase resources and the creation of the conditions that will make better use of those resources Invisible HandA phrase coined by Adam Smith to to describe the process that turns selfdirected gain into social and economic benefits for all Understanding FreeMarket CapitalismCapitalismAn economic system in which all or most of the factors of production and distribution are privately owned and operated for profit Capitalism generally describes freemarket systems where the producer chooses what to produce who to hire what to pay and what to charge How Free Markets Work A free market is a system where the market decides what should be produced in what quantity and at what price Free markets operate with the idea of the invisible hand where the buyer decides whats sold by choosing to buy or not to buy How Prices are Determined In a free market the prices are not determined by the sellers but rather by the interaction between the buyers and
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