Chapter 2.1 Flashcards
1
Q
Market
A
An arrangement where buyers and sellers of goods, services or resources are linked together to carry out an exchange
2
Q
Competition
A
A process in which rivals compete in order to achieve some objective
3
Q
Competitive markets
A
Markets composed of large numbers of sellers and buyers acting independently, so that no one individual seller or small group of sellers has the ability to control the price of the product sold
