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1. Competition: The rivalry between suppliers in the same market, usually in selling at the lowest price or in giving better quality or generally offering better value for money.
2. Competitive market: One in which there is only one price for a given commodity at any one time; all buyers and sellers know the market conditions.
3. Imperfect competition: A market in which there is neither pure perfect competition nor pure monopoly.
4. Market: Any mechanism that enables buyers and sellers come to an agreement about purchase and sale of merchandise.
5. Market structure: The types of competitive market within which firms operate.
6. Monopolistic competition: A state of competition in a market in which many firms compete, producing similar but slightly differentiated products.
7. Monopoly: A market in which there is only one seller.
8. Oligopoly: A term applied to markets dominated by a few large firms.
9. Perfect (Pure) Competition: A market for uniform products in which there many buyers and sellers, no one of whom is able to affect the price, and has full knowledge of market conditions.
10. Product differentiation: A process of creating uniqueness in a product.
UNIT FIVE
MONEY. ITS CHARACTERISTICS AND FUNCTIONS
1. Bank money: a medium of exchange consisting chiefly of checks and drafts.
2. Commodity money: a specific commodity used as a form of money.
3. Currency: Paper money and coins issued by the federal government.
4. Deflation: A decrease in the general level of prices; a period during which the purchasing power of a monetary unit is rising.
5. Fiat money: money declared by a government to be legal tender though it is not convertible into standard specie.
6. Inflation: An increase in the general level of prices; a period of rising prices during which the purchasing power of a monetary unit is falling.
7. Legal tender: Currency accepted in payment of debt.
8. Measure/Standard of value: A function performed by money as a common denominator for pricing goods and services.
9. Medium of exchange: Any substance or article that is used to pay for goods and services.
10. Money: The official currency, in the form of banknotes, coins issued by a government that functions as legal tender.
11. Purchasing power: The value of money; the amount of goods and services that can be bought with this money at a given time.
12. Standard of deferred payments: the thing of value in which, by the law or by contract, the amount of a debt is expressed.
13. Store of value: A function of money, enabling wealth, or value to be stored until some future time.
UNIT SIX
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