Competition
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.
Consumers
People who use goods and services to satisfy their personal needs and not for resale or in the production of other goods and services.
Decision Making
Reaching a conclusion after considering alternatives and their results.
Producers
People and firms that use resources to make goods and services.
Glossary terms from: http://www.econedlink.org/lessons/index.php?lid=453&page=teacher
