Pre-Business BUS107 Chapter Notes - Chapter 2: Monopolistic Competition, Oligopoly, Stagflation
31 Oct 2012
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Business cycle (economic cycles) the periodic rises and falls that occur in all economies over time. Capitalism an economic system in which all or most of the factors of production and distribution are privately owned and operated for profit. Communism an economic and political system in which the state (the government) makes all economic decisions and owns almost all of the major factors of production. Consumer price index (cpi) monthly statistic that measures the pace of inflation or deflation. Deflation a situation in which prices are declining. Demand the quantity of products that people are willing to buy at different prices at a specific time. Disinflation a situation in which price increases are slowing (the inflation rate is declining). Economics the study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individuals.
