Managerial Economics Week 2 Notes
Managerial Economics Week 2 Notes 28-1112-05
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This 1 page Class Notes was uploaded by Jessica Notetaker on Monday February 29, 2016. The Class Notes belongs to 28-1112-05 at Columbia College Chicago taught by David Sikich in Winter 2016. Since its upload, it has received 22 views. For similar materials see Managerial Economics in Entrepreneurship at Columbia College Chicago.
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Date Created: 02/29/16
Managerial Economics Week 2 Class Notes Science of Economics: How can available resources be used in the best possible way Terms To Know: Scarcity: Desires usually outweigh available resources Opportunity Cost: Weighing Pros & cons of two options when only being able to do one Production Possibilities: What a business can utilize based on resources In DP military and social are largest investments All Economic Decisions Choices Trade Offs Conflicts Unforeseen Consequences Factors of Production: Test 1. Capitol 2. Labor 3. Entrepreneurship 4. Land Market Mechanism: (Laissez Faire/Invisible Hand) Winners and Losers sort themselves out What people are attracted to (cleanliness, service, quality) Who they buy from Which businesses rise or falllittle things matter Political Process: Candidates Standings Important Votes
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