Chapter 2 Fall 2008 Bom Economics

Chapter 2 How Economic Issues Affect Business

Economic Links to Business ,[object Object],[object Object],[object Object]

Economic Theory of Wealth Creation: Adam Smith ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Three Economic Systems Communism Socialism Capitalism (Highly Controlled by Government ) (Little Control by Government ) Mixed

Economic Systems ,[object Object],[object Object],[object Object],[object Object],[object Object]

The Foundations of Capitalism ,[object Object],[object Object]

Benefits and Limitations of Free-Markets ,[object Object],[object Object],[object Object],[object Object]

Free-Market Competition Monopolistic Competition Oligopoly One Sellers Many Monopoly Perfect Competition

COMMUNISM ,[object Object],[object Object],[object Object]

Supply Curve Quantity(S) High High Low Price(P) S

Demand Curve Price(P) Quantity(D) High High Low D

Quantity High High Low Price Equilibrium Point Market Equilibrium S D Surplus Shortage

Progress Assessment ,[object Object],[object Object],[object Object],[object Object],[object Object]

Recent Economic Trends ,[object Object],[object Object],[object Object]

Canadian Economy ,[object Object],[object Object],[object Object],[object Object]

Economics and Business ,[object Object],[object Object],[object Object]

Distribution of GDP ,[object Object],[object Object],[object Object],[object Object]

Inflation & the Components of the CPI Consumer Price Index (CPI) is the index economists use to measure the effects of inflation Food 18.5% Housing 38.0% Clothing 5.0% Transportation 21.5% Medical Care 6.5% Entertainment 5.0% Other Goods and Personal Services 5.5%

Government Intervention ,[object Object],[object Object],[object Object],[object Object]

The National Debt ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Who Pays the Least Taxes? France Germany Italy Canada Britain Japan U.S. 0 25 30 35 40 45 50 Total Receipts All levels of government

Business Cycles ,[object Object],[object Object],[object Object],[object Object]

Chapter 2 Fall 2008 Bom Economics

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Chapter 2 Fall 2008 Bom Economics