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Economic systems and the business environment

Factors of production, the main economic systems, supply and demand, market structures, the macroeconomic indicators and the fiscal and monetary levers that move them.

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  • Front barriers to entry
    Back Factors, such as technological or legal conditions, that prevent new firms from competing equally with an existing firm.
  • Front business
    Back An organization that strives for a profit by providing goods and services desired by its customers.
  • Front business cycles
    Back Upward and downward changes in the level of economic activity.
  • Front capital
    Back The inputs, such as tools, machinery, equipment, and buildings, used to produce goods and services and get them to the customer.
  • Front capitalism
    Back An economic system based on competition in the marketplace and private ownership of the factors of production (resources); also known as the private enterprise system.

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Licence
Creative Commons Attribution 4.0 International CC-BY-4.0
Attribution
Source : https://openstax.org/books/introduction-business/pages/preface — Licence : Creative Commons Attribution 4.0 International (https://creativecommons.org/licenses/by/4.0/)
Source
OpenStax — Introduction to Business (first edition)
Retrieved on
Topic
Humanities
Language
English
Version
3
Updated on

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