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a term that describes a market that has a broad range of competitors who are selling the same products

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characterizes an industry in which many firms offer products or services that are similar, but not perfect substitutes.

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a market structure with a small number of firms, none of which can keep the others from having significant influence. (monopoly is one firm, duopoly is two firms and oligopoly is two or more firms.)

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a monopoly market, the seller faces no competition, as he is the sole seller of goods with no close substitute.

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the value of the next-highest-valued alternative use of that resource.

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an economic principle referring to a consumer's desire to purchase goods and services and willingness to pay a price for a specific good or service.

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a fundamental economic concept that describes the total amount of a specific good or service that is available to consumers.

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the motivation of firms that operate so as to maximize their profits.

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rivalry among sellers where each seller tries to increase sales, profits and market share by varying the marketing mix of price, product, distribution and promotion.

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model showing the basic economic relationships within a market economy. It illustrates the balance between injections and leakages in our economy

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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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a system that relies on customs, history, and time-honored beliefs.

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he amount of physical, mental, and social effort used to produce goods and services in an economy.

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the resource that encompasses the natural resources used in production. broadly defined to include all that nature provides, including minerals, forest products, and water and land resources.

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an individual who creates a new business, bearing most of the risks and enjoying most of the rewards.

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includes all those goods (items or commodities) which are used for further production of more goods

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the state of being scarce or in short supply; shortage