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BA 101 day 1 notes

by: Christie Ohlhaver

BA 101 day 1 notes BA101

Marketplace > Business > BA101 > BA 101 day 1 notes
Christie Ohlhaver
GPA 3.4
Intro to business

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Intro to business
One Day of Notes
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This 1 page One Day of Notes was uploaded by Christie Ohlhaver on Sunday January 11, 2015. The One Day of Notes belongs to BA101 at a university taught by Durant in Fall. Since its upload, it has received 283 views.

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Date Created: 01/11/15
Basic economic concepts Economics the study of distributing resources for the production of goods and services within a social system Resources Raw materials tools machinery capital buildings land and people factors of production Demand supply and price the principle elements of economics Economic systems Command communism socialism free market and mixed Command economies the government controls what goodsservices are produced their quantity and prices Free Market system aka private enterprise or capitalist What goods and services are produced their quantities and prices are based upon consumers demand and supply SEE SLIDES 0 Free market requires private property freedom of choice fair competition and right to keep profits Free Market Economy An inquiry into the nature and causes of the wealth of nationsquot Adam smith Invisible hand An economic principle holding that the greatest benefit to a society is brought about by individuals acting freely in a competitive marketplace in the pursuit of their own selfinterest If each consumer is allowed to choose freely what to buy and each producer is allowed to choose freely what to sell and how to produce it the market will settle on a product distribution and prices that are beneficial to consumer producer and all members of community WalMart example Individual self interest Promotes competition innovation product and process greater value the worth importance or usefulness of something to somebody Benefits all members of the community not just each individual 0 More products


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