Test bank and solution of better business 3e (2)

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Test bank and solution of better business 3e (2)

CHAPTER 2: ECONOMICS AND BANKINGCHAPTER OPENERChapter 2 covers the fundamentals of economics — how business decisions are shaped by supply and demand

Test bank and solution of better business 3e (2) and the degrees of competition.Students Will learn how:•to interpret key economic indicators, such as the gross national product and price indexes.•t

he govenunent can step m to control business cycle swings through taxation, spending, and monetary policy•to understand the Federal Reserve, and how I Test bank and solution of better business 3e (2)

ts actions influence the Ư.S. money supply.DETAILED LECTURE OUTLINEI.The Basics of EconomicsA.Economics Defined1So what is economics?a.Economics is th

Test bank and solution of better business 3e (2)

e study of how individuals and businesses make decisions to best satisfy wants, needs and desưes With limited resources.b.There are two basic studies

CHAPTER 2: ECONOMICS AND BANKINGCHAPTER OPENERChapter 2 covers the fundamentals of economics — how business decisions are shaped by supply and demand

Test bank and solution of better business 3e (2) allocate their limited resources in the exchange of goods and services.ii.Macroeconomics is the study of the behavior of the overall economy.B.Differ

ent Types of Economic Systems.1What are the different types of economic systems?a.An economy is a system that tries to balance the available resources Test bank and solution of better business 3e (2)

of a country against the wants and needs of consumers.b.The world’s different economies are classified into three basic economic systems: planned (or

Test bank and solution of better business 3e (2)

controlled) economies, market economies, and mixed economies.1 hl a planned economic system, the government plays a significant role m determining th

CHAPTER 2: ECONOMICS AND BANKINGCHAPTER OPENERChapter 2 covers the fundamentals of economics — how business decisions are shaped by supply and demand

Test bank and solution of better business 3e (2)ontrolsall the social services and many of the major resotuces required for the production of goods and services.b.) Socialism provides that the gover

nment owns or controls many basic businessesand sendees so that profits can be distributed evenly among the people.c.) Many socialist and communist co Test bank and solution of better business 3e (2)

untries are beginning to change their economiesinto free market economies through privatization - the conversion of government-owned production and se

Test bank and solution of better business 3e (2)

CHAPTER 2: ECONOMICS AND BANKINGCHAPTER OPENERChapter 2 covers the fundamentals of economics — how business decisions are shaped by supply and demand

Test bank and solution of better business 3e (2) to make and provide goods and services.b.) The production and pricing of goods and services is determined through theoperation of a market - the mech

anism by which buyers and sellers exchange goods and services.iii.Most economic systems are mixed economies, which are a blend of market and planned e Test bank and solution of better business 3e (2)

conomies.c.Business and Economics1Why do busmess managers need to be concerned with economics?a.Busmesses need to know how much of their goods to prod

Test bank and solution of better business 3e (2)

uce or services to offer, as well as how much to charge.

CHAPTER 2: ECONOMICS AND BANKINGCHAPTER OPENERChapter 2 covers the fundamentals of economics — how business decisions are shaped by supply and demand