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is a type of imperfect competition such that many producers sell products that are differentiated from one another and hence are not perfect substitutes.

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a term that describes a market that has a broad range of competitors who are selling the same products. It is often referred to as perfect competition.

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

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the exclusive possession or control of the supply of or trade in a commodity or service.

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the loss of potential gain from other alternatives when one alternative is chosen.

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the amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price.

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the desire for financial gain as an incentive in economic activity.

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the activity or condition of competing.

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Goods and services flow through the economy in one direction while money flows in the opposite direction.

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an economic system in which private business operates in competition and largely free of state control.

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an economic system combining private and public enterprise.

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an economic system in which production and prices are determined by unrestricted competition between privately owned businesses.

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an economy in which production, investment, prices, and incomes are determined centrally by a government.

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economic system in which traditions, customs, and beliefs help shape the goods and services the economy produces, as well as the rules and manner of their distribution.

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work, especially hard physical work.

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comprises all naturally occurring resources as well as geographic land.

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a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.

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wealth in the form of money or other assets owned by a person or organization or available or contributed for a particular purpose such as starting a company or investing.

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the state of being scarce or in short supply; shortage.