University:
California State University, Northridge
Course:
ECON 101 | Economics for Everyday Life
Academic year:

2023
Views:

365

Pages:

2
Author:

Mahmoud M.

Economics notes Define what the business is. Business is how we use or care about our few or limited resources. Focuses on human behavior and work as a whole. Why should you study business? To understand how the business works, how we use resources to create valuable and useful products, and to learn more about users, products and manufacturers, and relationships, we need to study the business. After learning the basics of business, say the simple lessons we learned 1. about personal decisions People face trade-offs. There is a cheap price to give up something to get something else. You give up the value of something to get something else. We are also discounting the price of items because we save money when buying them. 2. about human interaction work is easy for our customers and manufacturers. If someone wants your product and you want their product, then you can do business. Reducing consumption. Job is a good way to prepare a job. You can buy what you want and need from the market, which is good. Government can help improve the economy. 3. Considering the economy as a whole The economy depends on the ability to produce goods and provide services. It's great that we can produce products and many products and services, which means we have a good business. Also, when the government prints too much money, prices rise to pay off the debt. How does the financial system work? There are 5 economic systems: traditional economy, regulation, market system/free economy and mixed economy. Law What we used to make or buy; traditional Chain of Command - In State administration. Market System - This is a free market. Job mix - a combination of orders and work. The free market is also subject to state control . Give an example of an important job you have encountered in life. Learn from one subject to another. Do the dishes, don't watch TV. Study for questions instead of sleep.