MGMT 1 Chapter Notes - Chapter 2: Thomas Robert Malthus, The Foundations, Perfect Competition
Document Summary
Chapter 2: understanding economics and how it affects business. Compared to mexico the usa is relatively wealthy because. In the past businesses were free to start a business anywhere and just free to fail and start again. Any change in the usa economic or political system has a major influence on the success of the business system. Government influences such as new laws affects the business. 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. Resource development = study of how to increase resources and create conditions that will make better use of them. Macroeconomics = looks at the operation of a nation"s economy as a whole. Microeconomics = looks at the behavior of people and organizations in markets for particular products or services. Thomas malthus made this argument in the late 1700s and early 1800s.
