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Business Mkt 412


Submitted By amina12
Words 18694
Pages 75
Learning Objectives


1 Distinguish between microeconomics and macroeconomics. Explain the factors that

drive demand and supply.
2 Describe each of the four different types of market structures in a private enterprise

system, and compare the three major types of economic systems.


3 Identify and describe the four stages of the business cycle. Explain how productivity,

price level changes, and employment levels affect the stability of a nation’s economy.
4 Discuss how monetary policy and fiscal policy are used to manage an economy’s

5 Describe the major global economic challenges of the 21st century.

Economic Challenges Facing Contemporary Business

Rudyanto Wijaya/iStockphoto

Copyright ©2012 John Wiley & Sons, Inc.

NASCAR Tries to Restart Its
ASCAR is widely known as the most popular spectator sport in the United States. Yet even its most diehard fans are tapping the brakes when it comes to buying tickets to their favorite speedway. Tracks in cities such as Phoenix and Talladega have reported double-digit percent declines in attendance. Just as worrisome is the fact that, instead of watching races at home, fans are changing the channel. Some critics of NASCAR blame a drop in dramatic action and a mandated car chassis design that leaves car models undifferentiated. Others say that the races are just too long and the broadcast commentary is boring. But NASCAR defenders argue that there’s another huge obstacle: the economy. “We knew admissions would be down [this year],” admits Roger VanDerSnick, COO of International Speedway Corp, which operates a dozen tracks around the country. “The biggest impediment is the economy.” NASCAR is largely supported by middle-class fans who are now reluctant to open their wallets. They also want value for their entertainment dollar. If NASCAR doesn’t live up to fans’

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