Economics

Items

• monopolistic competition

  A market structure characterized by numerous firms selling differentiated products, allowing them to have some control over pricing, but with relatively low barriers to entry and exit.
• Monopoly/pure monopoly

  A market structure where a single seller or company dominates the industry, controlling the entire supply of a particular good or service.
• monopsony

  A market structure where there is only one buyer for a particular good or service, giving that buyer significant control over the price and quantity.
• mortgage bond

  A bond backed by real estate holdings or real property.
• needs

  The essential resources and services required for survival and the maintenance of basic human functions.
• nominal income

  The money value of income earned, without being adjusted for inflation or any other economic factors like changes in the cost of living.
• normal goods

  Products or services whose demand increases as a consumer's income rises.
• normal profit

  The minimum level of profit a company needs to stay in business, covering all explicit and implicit costs, including the opportunity cost of the owner's time and capital.
• oligopoly

  A market structure where a few dominant firms control a significant portion of the market, often leading to limited competition and potential collusion.
• oligopsony

  A market with a small number of buyers who collectively exert significant influence on the market, often driving down prices for sellers.
• open economy

  A nation whose economy interacts freely with other countries through international trade in goods, services, and financial assets.
• opportunity cost

  The value of the next best alternative that is forgone when a decision is made.
• optimal search rule

  Search should continue until the marginal cost of searching equals the expected marginal benefit of a successful search.
• option

  A financial contract that gives the buyer the right, but not the obligation, to buy or sell an underlying asset at a predetermined price within a specific timeframe.
• output

  The total quantity of goods and services produced by an individual, business, industry, or country over a specific period.
• parastatals

  A state-owned companies or organizations, often with some degree of political influence, that is created by a government to undertake commercial activities on their behalf.
• partial equilibrium

  An analysis that focuses on a single market or sector, isolating it from the broader economy and its interconnectedness.
• partnerships

  Business structures where two or more individuals or organizations agree to jointly manage and operate a business, sharing profits and potentially liabilities.
• partnership agreement

  A formal written contract outlining the terms of a partnership, a business arrangement where two or more individuals pool their resources, skills, and expertise to jointly conduct a business venture.
• per capita national income

  The total national income of a country divided by its population.
• perfect/pure competition/ market

  A theoretical model of a market where numerous buyers and sellers trade identical products, have complete knowledge of market conditions, and face no barriers to entry or exit.
• personal services

  Activities where income is primarily derived from an individual's skills, efforts, or labour.
• picketing

  A form of protest where workers gather outside a workplace, often during a strike, to demonstrate their opposition and discourage others from working or doing business with the employer.
• portfolio

  A collection of financial assets held by an individual, company, or institution, such as stocks, bonds, cash, and other investments.
• price discrimination

  A pricing strategy where a seller charges different prices for the same product or service to different customers.