BMGT 110 Chapter Notes - Chapter 2: Gross Domestic Product, Producer Price Index, Monopolistic Competition

• School: University of Maryland
• Department: Business and Management
• Course: BMGT 110
• Professor: Hutchins

Document Summary

Any change in the u. s economic or political system has a major influence on the success of the business system. Global economics and global politics also have a major influence on businesses in the u. s. To understand business, you must also understand basic. 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. Macroeconomics- the part of economics study that looks at the operation of a nation"s economy as a whole. Topics: gross domestic product (gdp), unemployment rate, price indexes. Microeconomics- the part of economics study that looks at the behavior of people and organizations in particular markets. Resource development- study of how to increase resources and to create the conditions that will make better use of those resources. The secret to creating a wealthy economy. Believe there are too many people in the world and the solution to poverty is radical birth control.