BUS 201 Study Guide - Midterm Guide: Gross Domestic Product, Employee Stock Ownership Plan, Purchasing Power Parity
9 Dec 2016
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Profit what remains after a business"s expenses are subtracted. Communism command economy; government owns and operates all industries. Mixed market economy economic economy typical of most nations. Crtc canadian radio-television and telecommunications commission . Weights and measures act sets standards of accuracy for weighing and measuring devices. Textile labeling act regulates the labelling, sale, importation, and advertising of consumer textile articles. Food and drug act prohibits the sale of food unfit for human consumption and regulates food advertising. Fisheries act regulates the discharge of harmful substances into water. Monopoly market or industry with only one producer can set the price. External environment everything outside an organization"s boundaries. Aggregate output total quantity of of the economic system in which an organization operates which separates the organization from its environment goods and services produced by an economic system during a given period. Standard of living total quantity/quality of goods/services citizens can purchase with their currency.
