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Review the basic tenants of identity theory. Where does society play a part in our identity formation and change?
Pure Competition
Pure competition is a market structure characterized by many sellers and buyers, homogenous products, and free entry and exit from the market, leading to price determination by supply and demand forces.
Socialism
Economic system characterized by government ownership and operation of major industries, such as communications.
Economic Recession
An economic recession is a significant decline in economic activity across the economy, lasting more than a few months, typically visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.
Regulated Monopolies
Market situations in which local, state, or federal government grants exclusive rights in a certain market to a single firm.
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