Define and give an example of perfect competition in a, Business Economics

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Define and give an example of perfect competition in a

Definitions, and some applications of your thinking -

1. Profit

2. GDP

3. Productivity

4. Define and give an example of perfect competition in a market. Why do you think it is called 'perfect'?

5. What is the major difference between a market economy (capitalism) and a command economy? Give an example of each, from history or from present day.

6. Draw the Circular Flow Diagram. What does it show?

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Business Economics: Define and give an example of perfect competition in a

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