Understanding Canadian Business Chapter 2

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inflation

a general rise of the prices of goods and services over time

CPI

a monthly statistic that measures the pace of inflation or deflation

depression

a sever recession

disinflation

a situation in which price increases are slowing

deflation

a situation in which prices are declining

brain drain

the loss of educated people to other countries

unemployment rate

the percentage of the labor force that is looking for a job

business cycles

the periodic rises and falls that occur in economies over time

market price

the price determined by S and D

demand

the quantity of products that consumers are willing to purchase

supply

the quantity of products that manufacturers or owners are willing to sell

economics

the study of how society chooses to employ resources to satisfy unlimited desires

resource development

the study of how to increase resources and creation of the conditions that will make better use of them

gdp

the total value of goods and services produced in a country in a given year -major influence is productivity

monopoly

one seller all the market power

frictional unemployment

people who quit because they didn't like the job

cyclical unemployment

recession or similar downturn in the business cycle

invisible hand

Adam Smith -as people try to improve their own situations, their efforts help the economy as a whole

seasonal unemployment

demand caries during the year -ski instructor

stagflation

economy is slowing but prices are still going up

oligopoly

few sellers lots of market power

micro

looks at the behavior of people and organizations in particular markets

macro

looks at the operation of a nations economy as a whole

socialism

most basic business should be owned by the government profits can be evenly distributed among the people

perfect competition

many sellers no market power

monopolistic competition

many sellers selling similar products

mixed economy

mix of free and command

recession

two or more consecutive quarters of decline in the GDP

structural unemployment

unemployment caused by restructuring of firms

capitalism

where most if the factors of production and distribution are privately owned and operated for profit

command economy

where the government determines what goods and services are produced

free market economy

where the market determines what goods and services are produced

communism

where the state makes all economic decisions and owns all major factors of production


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