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Unformatted text preview: 6. Capitalism: Economic system based on economic freedom, private ownership and competition. 7. Communism: Economic system in which the government owns and operates all productive resources and determines all significant economic choices. 8. Competition: Rivalry among businesses for the same customer. 9. Competitive advantage: A companys ability to perform in one or more ways that competitors cannot match. 10. Consumer price index (CPI): Monthly statistic that measures changes in the prices of about 400 goods and services that consumers buy,...
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This note was uploaded on 04/21/2008 for the course BUS 1750 taught by Professor Reck during the Winter '07 term at Western Michigan.
- Winter '07