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Exam #1(CH 1 2 3 +) - Coggle Diagram
Exam #1(CH 1 2 3 +)
Economic basics (3-1, -2, -3c, 4-3)
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Macro vs Micro Economics
- Micro is the study of choice of individuals
- Macro is the stufy of choice of a nation
Fiscal Policy
- Attempt to meausre of taxation and spemding from the government
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Exchange Rates
- value of a nations currency relative to other naitons
Equilibrium Price
- Middle of the demand and supply curve
competition (3-3b)
Oligopoly
- A handful of companies are selling g/s.
- Barrier to get in is high
- High upfront investment
- Less Choice for consumers
- Less Pricing options for producers,(it benefits no one)
Global Market
Exporting
- Shipping goods and services to be sold internationally
Licensing
- Given rights to another consumer to produce g/s
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Pure Competition
- Comapnies that sell identical p/s
- Barrier to get in high
- Example is the agricultual buinsess
- p/s leave and enter the product quickly
Monopolistic Competition
- Large amount of companies are selling g/s
- Barrier to get in is low
- Low upfront investment
- More Choice for consumers
- More pricing options for producers
Monopoly
- A market structure is where one orginization dominates
- Canadian Healthcare is a monopoly
- Little innovation or competition
Business 101 (1-1a, -3, 3-6a)
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Ethics (2-1)
- Good vs Bad, Right vs Wrong
the business cycle (3-6c, -6d) i
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business ethics (2-2, -3c, +)
social responsibility (2-4, +)
social responsibility (2-4, +)