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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 type of imperfect competition such that many producers sell products that are differentiated from one another (e.g. by branding or quality) and hence are 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.

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A market structure characterized by a single seller, selling a unique product in the market.

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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 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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a condition where different economic firms seek to obtain a share of a limited good by varying the elements of the marketing mix: price, product, promotion and place.

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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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a type of economy where products, prices, and services are determined by the market, not the government.

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An economic system in which both the private enterprise and a degree of state monopoly (usually in public services, defense, infrastructure, and basic industries) coexist.

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an economic system in which economic decisions and the pricing of goods and services are guided solely by the aggregate interactions of a country's individual citizens and businesses.

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a system where the government, rather than the free market, determines what goods should be produced, how much should be produced and the price at which the goods are offered for sale.

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

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comprises all naturally occurring resources as well as geographic land.

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An entrepreneur is an individual who, rather than working as an employee, founds and runs a small business, assuming all the risks and rewards of the venture.

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Goods that can be used in the production of other goods

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