ADMS 1000 Chapter Notes - Chapter 2: Gross Domestic Product, Gross National Product, Oligopoly

• School: York University
• Department: Administrative Studies
• Course: ADMS 1000
• Professor: Anton Petrenko

Document Summary

Oligopoly: occurs when few industry dominates and industry. Automotive, oil, gas are examples of oligopoly. Monopolistic completion: most other products in the free market fall under this completion. Large number of companies compete with one another and offer minor different product or different style, design, or advertising. Goals of canada"s economic system: business cycle: Refers to the rise and fall of economic activity over time. Even though economy will grow over a long term, growth is usually unstable. Some period of fluctuation are difficult and long and some are short and mild. The 5 stages of the business cycle are expansionary, peak, contraction, trough, and recovery. Expansionary phase: a period when economic activity is rising, goods are being produced, demands for goods are increasing, profits are rising. Once economy has reached the high point, we call it the peak. Contraction phase: phase is when economic activity is declining, profits falling, during this phase workers get laid off etc.