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How Econonmics Affects business


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national debt
the sum or fovernment deficits over time
gross domestic product (GDP)
the total value of final goods and services produced in a country in a given year
perfect competition
the market situation in which there are many sellers in a market and no seller is large enough to dictate the price of a product
command economies
economic systems in which the government largely decides what goods and services will be produces, who will get them, and how the economy will grow
free-market economies
Economic systems in which the market largely determines what goods and services get produced, who gets them, and how the economy grows
an economic system based on th premise that some, if not most, basic businesses should be owned by the government so that profits can be evenly distributed among the people
a general rise in the prices of goods and services over time
resource development
the study of how to increase reasources and to create the conditions that will make better use of those resources
a merkt in which there is only one seller for a product of service
mixed economies
economic systems in which some allocation of resources is made by the market and some by the government
business cycles
the periodic rises and falls that occur in all economies over time
an economic system in which all or most of the factors of production and distribution are privately owned and operated for profit
Consumer Price Index (CPI)
monthly statistics that measure the pace of inflation or deflation
monetary policy
the management of the money supply and interest rates
monopolistic competition
the market situation in which a large number of sellers produce products that are very similar but that are perceived by buyers as different
the part of economics that looks at the operation of a nation's economy as a whole
an economic and political system in which the state (the government) makes almost all economic decisions and owns almost all the major factors of profuction
unemployment rate
the number of civilians at least 16 years old who are unemployed and tried to find a job within the prior four weeks
the part of economics that looks at the behavior of people and organizations in particular markets
a situation in which price increases are slowing (the inflation rate is declining).
Producer Price Index (PPI)
An index that measures prices at the wholesale level
a severe recession
the quantity of products that manufacturers or owners are willing to sell at different prices at a specific time
fiscal policy
the federal government's efforts to keep the economy stable by increasing or decreasing taxes or government spending
a form of competition in which just a few sellers dominate the market
two or more consecutive quarters of decline in the GDP
the study of how society chooses to employ resources to produce goods and services and consumption among various competing groups and individuals
market price
the price is determined by supply and demand

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