Econ 110: Part 1 Your Key to Success: Comprehensive Guides for Testing Exams

8. social/cultural 9. competitors (what they are doing and planning to do) 10. substitute products 11. corporate social responsibility Demand Shifters 1. Understand how the world works 2. Economics is at the root of business decisions, government policy market and global economic relations. 3. Its a language we can all understand 4. understanding how markets work and the relationship between economic variable is necessary to understanding the economy, the economy is greater predictor of freedom. 5. economics is a key to understanding the press and our elected officials 6. economics helps you make better decisions importance of studying economics A free market is a market where the price of a good or service is in theory determined by supply and demand rather than being regulated to governmental intervention/regulation Definition of free market Compare and contrast free market with keynesian economics.