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Basic Economic Concepts (Microeconomics: This examines the economic…
Basic Economic Concepts
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Welfare State: political system based on the responsibility of the government for the well-being of its citizens by ensuring a minimum standard of living
Economic cycle:general pattern or periodic fluctuations in national economies, market economies move trough four stages: expansion, peak, recession and recovery
Economics: social science seeking to analyze and describe the production, distribution and consumption of goods and services.
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Economic crisis:situation in which the economy of a country experienced downturns of financial crisis.
Economic globalization: international integration among companies and governments, growing international trade and investment
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Neoliberalism: ideology in church the control of economic factors is shifted from the public sector to the private one and it country with different principles
Globalization: Expansion of international, cultural, economic and political activities which is a movement of people ideas
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Market: physical or virtual place where people can buy products, trade goods, services to get money or batter
Law of supply and demand:This law explains how prices work for the sale of goods: a) If demand rises, supply falls and the prices rises. b) If demand falls supply rises and prices fall.
Market forces: 1.-Demand: amount of goods and services consumers are willing to buy. 2.- Supply: Amount of goods and services a market can produce .3.- Rise: value of a goods or service
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