MGM101H5 Chapter Notes -Free Market, Economic Equilibrium, Oligopoly

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1 Feb 2012

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MGM101H5 Full Course Notes

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Lecture 3: markets & the economic environment - nickels ch 2. Buy land in other countries for their facilities. Any change in our economic or political system can have a major influence on businesses. Economics study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individuals. Contribute to economic system by inventing products that greatly increases available resources. Macroeconomics part of economic study that looks at the operation of a nations economy as a whole. How many jobs exist in the whole economy. Microeconomics part of economic study that looks at the behaviour of people and orgs in particular markets. How many people will be hired in a particular industry or particular region of the country. Resource development study of how to increase resources and the creation of the conditions that will make better use of those resources (eg. recycling, oil conservation)

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16) Which of the following best defines the term business cycle? a) the pattern of short-term ups and downs in an economy the total quantity of goods and services produced by an economic system during a given period the conditions of the economic system in which an organization operates the measure of economic growth that compares how much a system produces with the resources needed to produce it d)

32) Which of the following best describes the term gross domestic product? a) total value of all goods and services produced within a given period by a national economy through domestic factors of production total quantity of goods and services produced by an economic system conditions of the economic system in which an organization operates total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located

36) Which of the following best describes the term standard of living? a) total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system total quantity of goods and services produced by an economic system the overall quality of life produced by an economic system total value of all goods and services produced by a national economy within a given period, regardless of where the factors of production are located

MGM101H5 Chapter Notes -Free Market, Economic Equilibrium, Oligopoly

MGM101H5 Full Course Notes

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