2 Pages

Economics for Management Studies
Course Code
Ted Petit

This preview shows 80% of the first page. Sign up to view the full 2 pages of the document.
Monopolistic Competition – A market or industry characterized by a large number of firms supplying products that are similar buy distinctive enough from one another to give firms some ability to influence price Oligopoly – A market or industry characterized by a small number of very large firms that have the power to influence the price of their product and/or resources Monopoly – A market or industry with only one producer, who can set the price of its product and/or resources Natural Monopoly – A market of industry in which having only one producer is most efficient because it can meet all of consumers demand for the product External Environment – Everything outside an organization’s boundaries that might affect it Economic Environment – Conditions that economic system in which an organization operates Business Cycle – Pattern of short-term ups and downs (expansions and contractions) in an economy Recession –Period during which aggregate output, as measured by real GDP, declines Depression – Particularly server and long-lasting recession Aggregate Output – Total quantity of goods and services produced by an economic system during a given period Nominal GDP – GDP measured in current dollars or with all components valued at current prices Real GDP – GDP calculated to account for changes in currency values and price changes Purchasing Power Parity – Principle that exchange rates are set so that the prices of similar products in different countries are about the same Productivity – Measure of economic growth tha
More Less
Unlock Document

Only 80% of the first page are available for preview. Some parts have been intentionally blurred.

Unlock Document
You're Reading a Preview

Unlock to view full version

Unlock Document

Log In


Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.