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1-22 Business and Economic Environments [CH 1

6. How does real GDP differ from GDP?

7. Why is productivity and education an important public issue today?

8. The four degrees of competition discussed in this chapter are pure competition,
monopolistic competition, oligopoly, and monopoly. Define pure competition,
monopolistic competition, oligopoly, and monopoly. Then match these types
with the businesses listed below:
a. Chevron
b. St. Louis Edison Company
c. Wal-Mart
d. Ralph Shirley’s 480-acre farm in southern Minnesota

9. Trace the historical development of the American economy. What were the
major turning points in this development?

10. Differentiate among private enterprise, communism, socialism, and mixed
economies. In which system would the United States be best classified?

11. Comment on this statement: "All organizations must serve their customers or
clients in some way if they are to survive."

“WHAT 12. List all the businesses that serve students on your campus. Discuss how
effectively they serve their customers.
EXACTLY IS
YOUR ‘FAIR 13. Profit has sometimes been described as the regulator of the private enterprise
system. Discuss the meaning of this comment.
SHARE’ OF
WHAT

‘SOMEONE REFERENCES:
ELSE’ HAS "Weyerhaeuser Timber Company, Form 10-K, Annual Report, Filing Date Feb 16, 2018". secdatabase.com. Retrieved
WORKED FOR?” May 13, 2018.
Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Productivity up 11.1 percent, compensation
up 8.0 percent from 2009 on the Internet at https://www.bls.gov/opub/ted/2019/productivity-up-11-point-1-percent-
—THOMAS SOWELL compensation-up-8-point-0-percent-from-2009.htm (visited December 27, 2020).
___Adrian Rogers on Free Lunches blog posting by The Independent Institute.
“You cannot multiply wealth by dividing it.” blog posting by Tim Burt.; "Financial Quote from Adrian Rogers". Love
Worth Finding Ministries. 2010. Archived from the original on 2010-01-08. Retrieved 2009-12-27.; Rogers, Adrian
(1996). Ten Secrets for a Successful Family. Wheaton, Illinois: Crossway Books. p. 138. ISBN 1-58134-033-8.
Blanchard, Oliver. 1997. Macroeconomics, Chapter 22. Upper Saddle River, New Jersey: Prentice Hall.
Greenwald, Douglas, Editor in Chief. 1994. The McGraw-Hill Encyclopedia of Economics. New York: McGraw-Hill, Inc.
Gustavus F. Swift Dead. Head of Big Packing Company Dies from Internal Hemorrhages. Fortune Estimated at from
$7,000,000 to $10,000,000". New York Times. March 30, 1903.
Boyle, Elizabeth and Rodolfo Estrada. (1994) "Development of the U.S. Meat Industry" — Kansas State University
Department of Animal Sciences and Industry
White, John H. Jr. (1993). The American Railroad Freight Car: From the Wood-Car Era to the Coming of Steel.
Baltimore: Johns Hopkins University Press. ISBN 0-8018-4404-5. OCLC 26130632.
Bastiat, Frédéric, The Law, 1850, The Foundation for Economic Education, Inc. Irvington-on-Hudson, New York 10533 ,
http://bastiat.org/en/the_law.html, Visited, August 2008
___Federal Poverty Level Guidelines and Chart (2020), https://www.thebalance.com/federal-poverty-level-definition-
guidelines-chart-3305843, Visited December 2020

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