KeyTermsChapter2 - Chapter 2 Key Terms Brain drain the loss...

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Chapter 2 Key Terms Brain drain – the loss of the best and brightest people to other countries. business cycles – periodic rises and falls that occur in economies over time. capitalism – an economic system in which all or most of the factors of production and distribution (e.g., land, factories, railroads, and stores) are privately owned (not owned by the government) and are operated for profit. Command economies – exist when the government largely decides (commands) what goods and services will be produced, who will get them, and how the economy will grow. Socialism and communism are the popular terms used to describe variations of this economic system. communism – an economic and political system in which the state (the government) makes almost all economic decisions and owns all of the major factors of production. consumer price index (CPI) – consists of monthly statistics that measure the pace of inlation or deflation. deflation
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This note was uploaded on 09/06/2009 for the course BUSI 1301 taught by Professor Jabour during the Fall '09 term at Austin Community College.

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KeyTermsChapter2 - Chapter 2 Key Terms Brain drain the loss...

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