GEB 2011 Lecture Notes - Lecture 21: Monopolistic Competition, Putting-Out System, Oligopoly
Document Summary
A central issue of economics is how to fulfill an unlimited demand for goods and services in a world with limited resources true. When a nation takes more from taxes than it spends, it has a budget deficit false. _ relates to all activities concerned with obtaining and managing money and using it effectively finance. Economic expansion occurs when an economy is growing and people are spending more money. Advertising, person selling, coupons, and sweepstakes are forms of the _ aspect of marketing activities promotion. _ relates to the number of goods and services that consumers are willing to buy at different prices at a specific time. demand. In a socialist economic system: competition is restricted in major industries. Before the industrial revolution, the economy of north america under the colonists was characterized by the domestic system of manufacture of goods. In a capitalist economic system: prices of goods and services are determined by demand and supply.
