ch2 Flashcards
how is unemployment related to wage inflation
low unemployment leads to higher wage inflation (inverse relationship)
what is unemployement
its when people looking for jobs cant find jobs
does wage inflation cause high or low unemployment
they are inversly related. when wage inflation rises unemployment falls
what are the 4 parts of the business cycle
peak , recession, trough, recovery
how does socio cultural enviroment impact companies
it can effect customs, values, attitudes and demographic characteristics of the society a company operates
what type of economy has a strong central government that controls labour, capital and natural recourses and has few entrepreneurs
command economy
what is the key difference between economic systems
the ways they manage there factors of production
the four degrees of competition include all of the following except
pure monopolistic competition
is pure competition one of the four degrees of competition
yes
what is the motivating factor to start a business
profit (money)
what is the driving factor that creates the need to run a business effectiley
competion
what type of economy is in canada
a mixed market economy
what group does unemployment measuer
it measueres unemployement only with people activly searching for jobs
what merger involves two firms that previously had a buyer seller relationship
vertical merger
what is an approach that moves a business from a department oriented organization to a process oriented one
business process management
