COMMERCE 1B03 Chapter Notes - Chapter 2: Economic System, Oligopoly, Tums

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Document Summary

The loss of educated people to other countries. The periodic rises and falls that occur in economies over time. An economic system in which all or most of the factors of production and distribution are privately owned and operated for profit. An economy in which the government largely decides what goods and services are produced, who gets them, and how the economy will grow. 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. A monthly statistic that measures the pace of inflation and deflation. The quantity of products that people are willing to buy at different prices at a specific time. A situation in which price increases are slowing (the inflation rate is declining). 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.

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