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hi, i want you to answer this question by considering the lecture that mentioned at the end
Understanding How Economics Affects Business
- Explain basic economics.
- Explain what capitalism is and how free markets work.
- Compare socialism and communism.
- Analyze the trend toward mixed economies.
- Describe the economic system of the United States, including the significance of key economic indicators (especially GDP), productivity, and the business cycle.
- Contrast fiscal policy and monetary policy, and explain how each affects the economy.
Topic 1: Economics
Topic 2: Capitalism and Free Markets
Topic 3: Socialism and Communism
Topic 4: Mixed Economies
Topic 5: Economic System and Economic Indicators of the U.S.
Topic 6: Fiscal and Monetary Policy