Chapter 2 Fall 2008 Bom Economics
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Economic concepts are the basis for most major business decisions and economics is the study of how resources are used to produce and distribute goods and services. There are three main economic systems - capitalism in which individuals seek profits, communism where the government controls production and allocation, and socialism which is a mix of both. Most countries now have mixed economies. Under capitalism, supply and demand determine prices in free markets but there are limitations like inequality and potential environmental damage.
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The document discusses key economic terms and compares the economies of Southwest Asia. It defines different types of economic systems such as traditional, command, and market economies. It then examines the economies of Israel, Saudi Arabia, and Turkey. Israel has a mixed economy focused on high tech and agriculture, with some government ownership. Saudi Arabia also has a mixed economy but relies heavily on oil, with significant government control. Turkey has moved toward more private enterprise and exports around one fifth of its production. The document compares how each country determines what, how, and for whom to produce.
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1. Module II of the course covers international business theories and trade policy, including mercantilism, absolute advantage theory, comparative cost theory, Hecksher-Ohlin theory, and product cycle theory. It also covers instruments of trade policy such as tariffs, subsidies, import quotas, and anti-dumping policies.
2. Mercantilism held that nations benefit from accumulating gold and silver, and advocated for government regulation of international trade to generate wealth. Absolute advantage theory proposed that nations specialize in goods they can produce at lower absolute costs.
3. Comparative cost theory built on this by arguing that nations can both benefit from trade even if one has an absolute advantage in all goods, by
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2. It outlines the three main players in the business environment - businesses, households, and government. Businesses produce goods and services, households consume them, and government manages the economy.
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The document provides an overview of the US business system. It discusses that the US has a market economy based on capitalism where demand and supply determine prices. Businesses are privately owned and operate for profit. Competition varies across industries from perfect to monopolistic. The evolution of business in the US progressed from factories to large corporations to a focus on marketing and globally integrated operations.
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- 12. Quantity High High Low Price Equilibrium Point Market Equilibrium S D Surplus Shortage
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- 21. Who Pays the Least Taxes? France Germany Italy Canada Britain Japan U.S. 0 25 30 35 40 45 50 Total Receipts All levels of government