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CB12e ch03

CB12e ch03

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Published by tqt10

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Published by: tqt10 on Jan 13, 2009
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06/17/2009

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Chapter 3
Economic Challenges Facing Global andDomestic Business
 L e a r n i n g  G o a l s
Distinguish between micro-economics and macroeconomics.Explain the factors that drivesupply and demand.Describe the four types of marketstructures in a private enterprisesystem.Compare the three major types of economic systems.Identify and describe the four stages of the business cycle.Explain the factors that affect thestability of a nation’s economy.Discuss how monetary and fiscalpolicy are used to manage aneconomy’s performance.Describe the major globaleconomic challenges of the 21st century.
12345678
 
Economics
 
Analysis of the choices people and governmentsmake in allocating scarce resources.
Microeconomics
 
The study of small economic units, such asindividual consumers, families, and businesses.
Macroeconomics
 
The study of a country’s overall economicissues, such as how economy uses its resources andthe effects of government policies on individuals’standard of living.
Microeconomics: The Forces of Demand and Supply 
Demand
Willingness and ability of consumers to purchasegoods and services at different prices.
Supply
 
Amount of goods and services for sale at
 
Factors Driving Demand 
• Driven by variety of factors, including competition,price, larger economic events, and consumerpreferences.
Demand curve
shows the amount of a product buyerswill purchase at different prices. Quantityincreases as price decreases.

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