Economics and Management Tools Session 4

Questions and Answers

Opportunity cost

Economic systems

Planned systems

Government takeovers and private sector involvement, respectively Signup and view all the answers

$16 billion Signup and view all the answers

Entrepreneurship, scarcity, economic freedom, and privatizing basic services Signup and view all the answers

Equilibrium point and dynamic nature of supply and demand curves Signup and view all the answers

Pure competition, monopoly, and oligopoly Signup and view all the answers

Types of unemployment, inflation, and deflation Signup and view all the answers

Study Notes

Economic Principles and Systems

Scarcity, generating competition and trade-offs, results in opportunity cost
Economic systems, such as planned and free market, define resource allocation
Planned systems involve government control, while free market systems rely on market forces
Nationalization and privatization are government takeovers and private sector involvement, respectively
A US court ruling requiring Argentina to pay $16 billion for wrongful YPF nationalization in 2012
Critical thinking questions on entrepreneurship, scarcity, economic freedom, and privatizing basic services
Understanding demand and supply, equilibrium point, and dynamic nature of supply and demand curves
Competition in free-market systems, including pure competition, monopoly, and oligopoly
Business cycles, recessions, and fluctuations in the US economy
Types of unemployment, inflation, and deflation as economic conditions
Government's role in free-market systems, including regulation, deregulation, and economic stabilization
Economic measures and monitors, including monetary policy, fiscal policy, and major types of taxes