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Managerial Economics Week 2 Notes

by: Jessica Notetaker

Managerial Economics Week 2 Notes 28-1112-05

Marketplace > Columbia College Chicago > Entrepreneurship > 28-1112-05 > Managerial Economics Week 2 Notes
Jessica Notetaker

GPA 3.3

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About this Document

In class notes for week two with highlighted vocab on quiz.
Managerial Economics
David Sikich
Class Notes
managerial economics, factors, production
25 ?




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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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