MGMT 1 Chapter Notes - Chapter 2: Monopolistic Competition, Perfect Competition, Market Price
10 Feb 2016
School
Department
Course
Professor
Document Summary
Economics the study of how society chooses to employ resources to (cid:1) produce goods and services and distribute them for consumption among various competing groups and individuals (cid:1) Macroeconomics the part of economics study that looks at the operation of a nation"s economy as a whole. Microeconomics the part of economics study that looks at the behavior of people and organizations in particular markets (e. g. , why people buy smaller cars when gas prices go up) Resource development the study of how to increase resources and. Invisible hand a phrase coined by adam smith to describe the (cid:1) create the conditions that will make better use of those resources (cid:1) process that turns self-directed gain into social and economic benefits for all. Capitalism an economic system in which all or most factors of (cid:1) production and distribution are privately owned and operated for profit (cid:1) owners (cid:1) State capitalism the state runs some businesses instead of private.
