Business Management Strand 6

Temporary economic decline which trade and industrial activity are reduced for 2 quarters.

is a mixture of a market and command economy.​

State of limited competition, which a market is shared by small number of producers or sellers.

If supply of rice goes down, and demand for rice goes up

Most basic system that produce products that are a result of their , customs, religions, etc.​

the total value of goods produced, and services provided in a country during one year.​

large part of economic system is controlled by a centralized power; often, a government. ​

many producers sell products that are differentiated from one another by branding or quality.

A market structure characterized by a single seller, selling a unique product in the market. ​

market that has a broad range of competitors who are selling the same products. ​

The supply of rice goes up, and the demand for rice goes down

long and severe recession in an economy or market

Is supply of rice goes down, and demand for rice goes down

Very similar to a free market. The government does not control vital resources.

a general increase in prices and fall in the purchasing value of money.​