Economic Factor
5 important questions on Economic Factor
What are the three factors of an economic environment?
Seeing that economic environment is the economic condition in which the organization operates.
- Individuals
- Businesses
- Government
Can you name the 5 factors of production?
This has to do with the economic environment and what an organization needs to survive.
- Natural Resources
- Labour
- Capital
- Information Captial or Knowledge workers
- Entrepreneurs
What is the difference between Micro and Macro economics?
- Micro - Smaller components of the company
- Macro - Impact company as a whole
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Name the four types of Economic systems and their functions.
(Think of Social Science XD)
- Market - individuals can be employers
- Communist - Government owns all
- Socialist - Government has a large ownership
- Mixed - Combined economy
Name the types of competition and their functions.
- The first one deals with an undifferentiation of product or service
- The second one has only one producer
- The third one's example is aircrafts
- The last one has Some market power to set prices
- Perfect (or Pure)
- A large number of buyers/sellers acting independently
- Monopoly
- When there is only one producer in a given market and no substitute products exist
- Oligopoly
- A small number of firms
Firms are price setters
- Monopolistic
- A large number of companies
Compete with each other
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