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MIE 201, Chapter 2 In Class Notes

by: Jenna Loehrer

MIE 201, Chapter 2 In Class Notes MIE 201

Marketplace > North Carolina State University > Management > MIE 201 > MIE 201 Chapter 2 In Class Notes
Jenna Loehrer
GPA 3.9

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About this Document

These notes were covered in class for chapter 2 during week 2!
Intro to Management
M.K. Ward
Class Notes
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This 3 page Class Notes was uploaded by Jenna Loehrer on Wednesday September 21, 2016. The Class Notes belongs to MIE 201 at North Carolina State University taught by M.K. Ward in Fall 2016. Since its upload, it has received 4 views. For similar materials see Intro to Management in Management at North Carolina State University.


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Date Created: 09/21/16
    Chapter 2 In­Class Notes (8.24)  Understanding Basic Economics  Economics:​ Sum total of all economic activities  ● Microeconomics  ● Macroeconomics    Factors of Production  ● Natural Resources  ○ Things that are useful in their natural state  ○ Ex: lumber, oil  ● Human Resources  ○ How large is a population in a given economy  ● Capital  ○ Ex: money, machines, tools, buildings  ● Entrepreneurship  ○ Focused on innovation and the initiative required for innovation  ● Knowledge    Scarcity and Tradeoffs  ● Scarcity: finite supplies of resources  ○ Important because creates competition and forces people to make tradeoffs  ● Tradeoffs: giving up something to do something else/ receive something else  ○ Opportunity cost ←  → tradeoff    Economic Systems (Macro)  ­ Communism Planned System  ­ Cuba, North Korea   ­ Socialism   ­ China   ­ Mixed  ­ Capitalism Free Market System  ­ United States     Planned System vs Free Market System  ● Advantages of FMS  ○ Less regulation/ paperwork  ○ Lower costs  ○ Allows for competition  ○ Efficient  ● Advantages of Planned System  ○ Equal amounts to everyone      Chapter 2 In­Class Notes (8.24)  Understanding Basic Economics  ● Disadvantages of FMS  ○ Monopolies can form  ● Disadvantages of Planned System  ○ No motivation for growth or innovation  ○ Not always equally distributed resources    Nationalization versus Privatization  ● Nationalization:​ Government takeover of selected companies or industries  ● Privatization:​ Turning over services once performed by the government by allowing  private businesses to perform them instead    Point of Equilibrium:​ optimal point of balance between supply and demand    Competition in Free­Market System (Macro View)    Pure Competition   Monopoly  Oligopoly  Monopolistic Competition    Pure Competition​: product or service must have identical features across all competitors, low  barriers to entry  Monopoly:​ one company/supplier of product in a given market (no competitors), supplier can set  price, no requirements for quality of product/services  Oligopoly:​ few major competitors, but not many in given market  ● Example: airline industry  Monopolistic Competition:​ numerous competitors, products are not identical (distinguishing  features between products)  ● Example: blenders    Business Cycles:​ fluctuations that an economy experiences over several years  ● Expansion:​ economy is growing, increasing number of jobs, healthy amount of  innovation, customers have money to spend  ● Contraction:​ customers lack money to spend  ● Recession:​ 2 consecutive of declines in GDP (basic measure of a country’s economic  output)  ● Depression:​ no exact time limit, usually involves collapse of major industry   ● Recovery:​ customer spending and production begin to rise again  Unemployment (accounts for people 16 years+ looking for a job)      Chapter 2 In­Class Notes (8.24)  Understanding Basic Economics  ● Frictional Unemployment:​ natural flow of unemployed people because of life changes,  not because of lack of skills  ○ Ex: someone going to college, moving to a city  ● Structural Unemployment:​ mismatch between lack of skills and current needs of  employers   ○ Ex: interviewee lacked skills for applied job,  ● Cyclical Unemployment:​ shift of economies result in loss of jobs during business cycles  (recession, depression)  ● Seasonal Unemployment:   ○ Ex: Farmers, retail stores     


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