What is Competition?
Glossary terms from:
Any activity or organization that produces or exchanges goods or services for a profit.
Attempts by two or more individuals or organizations to acquire the same goods, services, or productive and financial resources. Consumers compete with other consumers for goods and services. Producers compete with other producers for sales to consumers.
A characteristic of people who assume the risk of organizing productive resources to produce goods and services; a resource.
Trading a good or service for another good or service, or for money.
Tangible objects that satisfy economic wants.
The process of putting money someplace with the intention of making a financial gain. Investment possibilities include stocks, bonds, mutual funds, real estate, and other financial instruments or ventures.
An economy that relies on a system of interdependent market prices to allocate goods, services, and productive resources and to coordinate the diverse plans of consumers and producers, all of them pursuing their own self-interest.
Places, institutions or technological arrangements where or by means of which goods or services are exchanged. Also, the set of all sale and purchase transactions that affect the price of some good or service.
Anything that is generally accepted as final payment for goods and services; serves as a medium of exchange, a store of value and a standard of value. Characteristics of money are portability, stability in value, uniformity, durability and acceptance.
Activities performed by people, firms or government agencies to satisfy economic wants.
Use money now to buy goods and services.