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Discovering Business SJSU Fall 2005 David Hover, Instructor October 12, 2005 Below, ordered approximately the same as in the textbook and class, are the terms, concepts and names I think most important. At a minimum, you should be able to identify them, define them and discuss why they are important. Please contact me if you have questions. Adam Smith Free-market economy Invisible Hand Supply and demand (Need to be able to describe both supply and demand curves and explain why prices will move towards equilibrium point. Note that when drawing graphs you need to identify both axes and the various curves.) Karl Marx Socialism/Communism Mixed economy The four basic rights for an effective free-market economy Monopoly Perfect competition Four questions of economics Fiscal Policy Monetary Policy Recession Sole proprietorship Partnership Corporation (Be familiar and know at least some of the advantages and disadvantages of all three.) Limited Liability Company Ownership/management structure for a corporation
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mid-term reviewProfDoc - Discovering Business SJSU Fall...

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