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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
Copyright:Attribution Non-commercial


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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.
Analysis of the choices people and governmentsmake in allocating scarce resources.
The study of small economic units, such asindividual consumers, families, and businesses.
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 
Willingness and ability of consumers to purchasegoods and services at different prices.
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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