Regulated capitalism right to own business and keep

This preview shows page 2 - 5 out of 7 pages.

 Regulated capitalism: right to own business and keep profits ( pay taxes and license  fees) Right to private property ( zoning regulations ad condemnation)
Image of page 2

Subscribe to view the full document.

Right to free choice ( diversity guidelines and trade restrictions)     Right to fair competition ( anti trust laws to stop monopolies) DEMAND: The amount of a good or service customers will buy at a given time at  various prices Supply: The quantities of a god or service that producers will provide on a particular  date at a various price. Analyzing Demand: the demand curve slopes downward showing that quantity  demanded. The demand and supply curve will meat at the equilibrium price. Equilibrium price: the point where the demand and supply curves meet. Degrees of competition Pure competition: many competitors offering nearly identical products, easy entry  and withdrawal, no single entity rules price Olidopoly: few competitors with little price competition Monopoly: on producer dominates market and sets prices GDP- total value of goods and services produced within a country  Measures performance of nation Allows comparisons among nations  Business Cycle  Contraction- rising in unemployment, production cutbacks, spending reduced  Recession-GDP declines for two quarters Depression- deep a long recession Recovery- rising economic growth and increasing employment Expansion- robust growth, high employment, optimistic consumers Unemployment rate shows the percentage of people actively seeking work
Image of page 3
Does not include long-term unemployed, under-employed, part-time workers Structural un employment- little demand for workers skills Cyclical- dependent on economic factors Seasonal- dependent on time of year Inflation: prices rise overall, a certain amount considered normal Hyperinflation: prices rise dramatically and quickly
Image of page 4

Subscribe to view the full document.

Image of page 5
  • Spring '06
  • Cleveland
  • long term plan, early American economy, north got wages, organized profit­seeking activity, ownership economic freedom

{[ snackBarMessage ]}

Get FREE access by uploading your study materials

Upload your study materials now and get free access to over 25 million documents.

Upload now for FREE access Or pay now for instant access
Christopher Reinemann
"Before using Course Hero my grade was at 78%. By the end of the semester my grade was at 90%. I could not have done it without all the class material I found."
— Christopher R., University of Rhode Island '15, Course Hero Intern

Ask a question for free

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern