Economics

A regular gathering of people for the purchase and sale of provisions, livestock, and other commodities.

• Market

• Supply

• Free Trade

• Trade Barriers

Make available for someone.

• Market

• Demand

• Supply

• Oligopoly

Made as if by right.

• Pure Competition

• Demand

• Trade Barriers

• Market Structure

The price at which supply and demand are equal.

• Free Trade

• Monopoly

• Market

• Equilibrium Price

The ability of an individual or group to carry out a particular economic activity more efficiently than another individual or group.

• Absolute Advantage

• Pure Competition

• Monopoly

• Import

The process of concentrating on and becoming an expert in a particular subject or skill.

• Specialization

• Monopolistic Competition

• Export

• Free Trade

Several idealizing conditions, collectively called perfect competition, or atomistic competition.

• Oligopoly

• Monopoly

• Pure Competition

• Market Structure

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

• Free Trade

• Import

• Free Trade

• Monopolistic Competition

A state of limited competition.

• Monopoly

• Quantify Demand

• Oligopoly

• Demand

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

• Oligopoly

• Export

• Equilibrium Price

• Monopoly