BUSN115 Week 1 Vocabulary Terms

BUSN115 Week 1 Vocabulary Terms - BUSN115Week1...

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StudyMate Transcript Term 1:  Monopolistic competition  Definition:  the condition where several sellers sell similar products that consumers perceive as  different giving sellers some influence over price  Term 2:  Supply  Definition:  the amount of products manufacturers or owners are willing to sell at different prices  Term 3:  Unemployment rate   Definition:  the percentage of individual 16 years of age an older that are eligible to work,  seeking work for a period of four weeks, and not employed  Term 4:  Consumer price index (CPI)  Definition:  monthly measures of inflation or deflation  Term 5:  Market price  Definition:  the price determined by the intersection of supply and demand  Term 6:  Monopoly   Definition:  the condition where only one seller controls the total supply and price of a product  Term 7:  Macroeconomics   Definition:  how a nation's economy behaves as a whole  Term 8:  Productivity Definition:  output with respect to input  Term 9:  Factors of production   Definition:  land, labor, capital, knowledge, and entrepreneurship  Term 10:  Command economies   Definition:  exist when government largely determines what is produced and distributed  Term 11:  Oligopoly  Definition: 
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This note was uploaded on 07/14/2011 for the course BSN 115 taught by Professor Watkins during the Spring '11 term at DeVry Fresno.

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BUSN115 Week 1 Vocabulary Terms - BUSN115Week1...

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