Intro to Business

Intro to Business
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  • I want a new purse, a few books, some shoes, and also a magazine
  • I need a home. And some water and dinner.
  • What is the economy all about?
  • How about we increase price and quantity?
  • Inside there's a demand for 80 pasta entres and we only have 50 in supply. That's a shortage!
  • WANTS OF THE ECONOMY
  • When a recession bottoms out it becomes a depression if it is a prolonged recession. 
  • Recession: -Employment levels decline -Wages and Prices level off
  • VS THE NEEDS
  • Peak: - High employment levels -Maximum output of gross domestic product - Income and prices are increasing
  •        Expansion/ Recovery: - Employment, production, and output increases again - Economy grows again
  • SUPPLY AND DEMAND
  • Traditional: Based on culture and rituals, and is focused on community as a whole.
  • Command Economy: relies on the government to make all economic decisions
  • Business 
  • Cycle
  • Types of Economic Systems
  • Market Economy: driven by consumers, whose decisions determine how the industries work
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