Summary: The Influence Of The Economy On Businesses
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1 The Influence of the Economy on Businesses
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What did Keyned believe the government should do when in a recession?
The government should increase spending and cut taxes to stimulate the economy for a short term. -
What is resource development?
The study of how to increase resources and create conditions that will make better use of them. -
What do people think of large population?
1. Malthus: there are not enough resources to satisfy everyone's need --> birth control
2. People are valuable asset --> learn them how to produce and they can make resources. -
What did Adam Smith believe?
People need incentives to work hard and freedom is vital to the survival of any economy, especially freedom to land or profits. -
What is state capitalism?
The state, instead of private owners, run some businesses (China/Russia) -
What were Roosevelt's four additional rights?
1. Freedom of speech/expression
2. Freedom to worship in your own way
3. Freedom from want
4. Freedom from fear -
How do free markets work?
Decision about what to produce and how much are made by the market.
- The price tells producers how much to produce.
- If something is wanted but hard to get, the price rises. -
What is the market price?
the price determined by supply and demand=negotiated price.
Qs=Qd -
What are the 4 forms of competition in free markets?
1. Perfect competition; many sellers, identical goods & no domination
2. Monopolistic competition; many sellers, products almost identical, product differentiation
3. Oligopoly; A few dominant producers, product differentiation
4. Monopoly; One producer -
What are the benefits and limitations of the free market?
Benefits: open competition among companies & provides opportunities for poor people to work their way out of poverty.
Limitations: inequality, not everyone can do it, people get greedy.
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