Laws designed to regulate unfair business that reduce competitions.

A program that pays some of the costs of medical and hospital care for the people who are 65 and older and for those who are disabled.

An insurance program that is sponsored by the federal government and pays benefits to qualified people.

A financial gain, the difference between the amount earned or spent in buying.

Purchases used to help a company produce consumer goods or provide services.

Measures how efficiently production inputs, such as labour and capital, are being used in an economy to produce a given level of output.

A legal entity that is separate and distinct from its owners.

Any person, company, or institution that owns at least one share of a company's stock.

A consumer's desire and willingness to pay a price for a specific good or service.

When factors being constant (cetris peribus), price and quantity demand of any good and service are inversely related to each other.

To make something needed or wanted, available to someone.

Keeping other factors constant, an increase in price results in an increase in quantity supplied.

Sellers are seeking at the same time: sales, profit, and market share by offering the best practicable combination of price, quality, and service.

The branch of knowledge concerned with the production, consumption, and transfer of wealth.

A compulsory contribution to state revenue, levied by the government on workers' income and business profits, or added to the cost of some goods, services, and transactions.

Income, especially when of a company or organization and of a substantial nature.

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