International Business Exam Revision - Section A

Vocabulary flashcards covering pure market economies, the role of price systems, the impact of monopolies, and the incentives of private ownership as discussed in the MANG3105 revision notes.

Price system

The mechanism in a pure market economy that signals producers to adjust their output through supply and demand.

Monopolies

Market entities that restrict output and raise prices, leading to reduced efficiency compared to competitive markets.

Private ownership

An economic factor that influences growth and development by giving entrepreneurs an incentive to search for better ways to serve consumer needs.

Pure market economy

An economic system where output adjustments are primarily signaled to producers via supply and demand through the price system.