Chapter 2 - Mei Chen Section 01 Chapter 2 How Economics...

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Mei Chen Section 01 Chapter 2 : How Economics Affect Business: The Creative and Distribution of Wealth 2-12-8 Drain brain – the loss of the best and brightest people to other countries Business cycles – the periodic rises and falls that occur in al economies over time Capitalism – an economic system in which all or most of the factors of production and distribution are privately owned and operated for profit Command economies – economic systems in which the government largely decides what goods and services will be produced, who will get them, and how the economy will grow Communism – an economic and political system in which the state (the government) make almost al economic decisions and owns almost all the major factors of production Consumer price index (CPI) – monthly statistics that measure the pace of inflation or deflation Deflation – a situation in which prices are declining Demand – the quantity of products that people are willing to buy at different prices at a
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This note was uploaded on 04/27/2008 for the course BUS 115 taught by Professor Laskowski during the Spring '08 term at SUNY Stony Brook.

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Chapter 2 - Mei Chen Section 01 Chapter 2 How Economics...

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