SOCA02H3 Lecture Notes - Money Supply, Purchasing Power Parity, Outsourcing
Document Summary
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.