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Understanding Business, 6/e
William G. Nickels
James M. McHugh
Susan M. McHugh
Chapter 2: Economics: The Creation and Distribution of Wealth
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Learning Objectives
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After you have read and studied this chapter, you should be able to:
- Compare and contrast the economics of despair with the economics of growth.
- Explain the nature of capitalism and how free markets work.
- Discuss the major differences between socialism and communism.
- Explain the trend toward mixed economies.
- Use key terms (e.g., GDP, CPI, PPI, productivity, inflation, recession, monetary policy, fiscal policy, and national debt) to explain the U.S. economic condition.
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