[BUA 101] - Midterm Exam Guide - Ultimate 18 pages long Study Guide!

• School: University of Maine
• Department: Business Administration
• Course: BUA 101
• Professor: Dr.Scott Spolan

Document Summary

Privatization - process of converting government enterprises into privately owned companies. Mix market economy- features characteristics of both planned and market economies. Market price - cross of supply and demand , consumer/buyer both happy. Aggregate output - total quantity of good and services produced by an economy. Gross domestic product - goods and services produced by american economy / overseas. Gross national product - goods and services produced by national economy. Productivity- measure of economic growth that compares how much a system produces with the resources needed to produce it. Balance of trade-the difference in value between a country"s imports and exports. - positive or negative balance. National debt- amount of money the government owes its creators. Inflation - widespread price increase occur throughout an economic system. Recession- a period during which aggregate output, as measured by gdp, declines. Fiscal policies - tax revenue coming in/ govt spending. Monetary- interest rate and money supply controlled by federal reserved.