10-34p2.docx

2 Pages
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Department
Economics for Management Studies
Course Code
MGEB05H3
Professor
Ted Petit

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Description
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
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