Auto Industry Overview

University of Phoenix

ECO 365

Introduction

"Economics is the study of how human beings coordinate their wants and desires, given the decision-making mechanisms, social customs, and political realities of the society" (Colander, pg. 4, 2008). All organizations and businesses must understand the current economies of the environments they operate in to be successful. The auto industry has a history of successfully understanding the economy. They study the market, deal with government regulations, and address issues and opportunities in the economy to make informed decisions.

Automotive Industry History

The first steam carriage was built in the 18th Century by Nicholas-Joseph Cugnot based on the concept created by Sir Isaac Newton (EconomyWatch, 2008). Since the...